The Changing Economy and the Family
The reasons why the family is not fading away as an economic entity are discussed. The economic approach should be extended to deal with the effects of the life-span revolution; large secular shifts in relative prices and commodities, durables, and services; changes in income components; and entrepreneurial ability of the family. What families do in distributing their endowments has less effect on the personal distribution of endowments than have general increases in real per capita incomes, changes in the composition of income, and the increases in the ratio of income derived from human capital relative to that derived from property. Copyright 1986 by University of Chicago Press.
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