From Malthus to Becker, the economic approach to population growth and its interactions with the surrounding economic environment has undergone a major transformation. Population Economics elucidates the theory behind this shift and the consequences for economic policy.
Razin and Sadka systematically examine the microeconomic implications of people's decisions about how many children to have and how to provide for them on population trends and social issues of population policy. The authors analyze how these decisions affect labor supply, consumption, savings and bequests, investments in human capital, and economic growth, along with related new issues such as migration and income redistribution across generations, in an integrated microeconomic framework.
Population Economics is a thoroughly modern treatment of population economics as a field in public economics. It integrates and extends Marc Nerlove's Household and Economy: Welfare Economics of Endogenous Fertility, as well as work written jointly with colleagues that has appeared in various journals and other publications.
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Number and Quality of Children
Children as a Capital Good
Social Evaluation of Population Size
Bequests as a Public Good within Marriage
The Extended Role
Engines of Growth
Empirical Regularities and Trends
Factor and Goods Mobility and International Migration
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ability able children age security hypothesis altruistic apple assume autarky average utilitarianism average utility Benthamite Benthamite criterion bequest constraint chapter child allowance classical utilitarianism consumes country H denoted developing countries economic efficient elasticity endogenous fertility envelope theorem equal equation equilibrium exogenous external figure first-order conditions Hence human capital income effect increase indifference curve individual investment in children investment in human laissez-faire laissez-faire allocation marginal private benefit marginal product marginal utility market failure maximize negative number of children old age security optimal allocation optimal population optimization problem optimum output parent chooses parent of family parent's utility function Pareto efficiency physical capital population growth rates positive product of labor quality of children quantity redistribution repugnant conclusion resource constraint respect second period social security social welfare function society subsidy substitution tion total utility trade units variables wage welfare economics yields