Children and the Wealth of Nations
The welfare of an individual depends on the quality and quantity of life. The quantity of life itself depends on longevity but also on the number of descendants. Specifically, children, grandchildren, etc, offer an alternative way to extend life for altruistic parents. Everything else equal, a lower fertility rate reduces the welfare of altruistic parents. This paper incorporates fertility into an overall assessment of the degree and evolution of cross-country inequality around the world and shows that it is quantitatively important. Our calculations suggest a major quantity-quantity trade-off: for the period 1970-2005, the overall welfare gains due to longevity improvements were mostly offset by the welfare loss due fertility reductions. The effective quantity of life remained roughly constant.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eve Chiapello & A. Hurand, 2011. "Contribution," Post-Print hal-00681170, HAL.
- Javier Birchenall & Rodrigo Reis Soares, 2007.
"Altruism, Fertility, and the Value of Children: Health Policy Evaluation and Intergenerational Welfare,"
Textos para discussão
537, Department of Economics PUC-Rio (Brazil).
- Birchenall, Javier A. & Soares, Rodrigo R., 2009. "Altruism, fertility, and the value of children: Health policy evaluation and intergenerational welfare," Journal of Public Economics, Elsevier, vol. 93(1-2), pages 280-295, February.
- Javier A. Birchenall & Rodrigo R. Soares, 2007. "Altruism, Fertility, and the Value of Children: Health Policy Evaluation and Intergenerational Welfare," NBER Working Papers 12836, National Bureau of Economic Research, Inc.
- Birchenall, Javier A. & Soares, Rodrigo R., 2007. "Altruism, Fertility, and the Value of Children: Health Policy Evaluation and Intergenerational Welfare," IZA Discussion Papers 2783, Institute for the Study of Labor (IZA).
- Rodolfo E. Manuelli & Ananth Seshadri, 2009. "Explaining International Fertility Differences," The Quarterly Journal of Economics, Oxford University Press, vol. 124(2), pages 771-807.
- Córdoba, Juan Carlos & Verdier, Geneviève, 2008.
"Inequality and growth: Some welfare calculations,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 32(6), pages 1812-1829, June.
- Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-46, December.
- Marla Ripoll & Juan Carlos Cordoba, 2011.
"A Contribution to the Economic Theory of Fertility,"
2011 Meeting Papers
1207, Society for Economic Dynamics.
- Cordoba, Juan Carlos & Ripoll, Marla, 2011. "A Contribution to the Economic Theory of Fertility," Staff General Research Papers 33899, Iowa State University, Department of Economics.
- Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2003.
"The Quantity and Quality of Life and the Evolution of World Inequality,"
NBER Working Papers
9765, National Bureau of Economic Research, Inc.
- Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2005. "The Quantity and Quality of Life and the Evolution of World Inequality," American Economic Review, American Economic Association, vol. 95(1), pages 277-291, March.
- Juan Cordoba & Marla Ripoll, 2012.
"Life, Death and World Inequality,"
2012 Meeting Papers
925, Society for Economic Dynamics.
- Kevin M. Murphy & Robert H. Topel, 2006.
"The Value of Health and Longevity,"
Journal of Political Economy,
University of Chicago Press, vol. 114(5), pages 871-904, October.
When requesting a correction, please mention this item's handle: RePEc:red:sed012:1052. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Zimmermann)
If references are entirely missing, you can add them using this form.