On Microeconomic Theory of Fertility

Boško Mijatović
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Boško Mijatović: Economic Institute, Belgrade (Serbia)

Stanovnistvo, 2000, vol. 38, issue 1-4, 59-78

Abstract: A review of the microeconomic theory of fertility according to the tradition of Gary Becker is given in the text. The static model is presented in the first part, the dynamic in the second, and the third part deals with decision making within the family on the basis of the theory of games. The microeconomic theory of fertility offers a contribution to the understanding of fertility in two ways: the first is the theoretical-methodological standpoint that birth is the outcome of decision making on the level of the individual, along with their maximizational behavior; the second is the involvement of economic variables among the factors which explain births. Economists deeply believe that individualistic, rational and maximizational behavior of the individual is an imperative basis for considering human reactions and that it is a methodological approach which is superior to the alternative. This approach to social phenomena, without reducing complex motives of the individual (and family) to exclusively economic ones, finds a wide response in other social sciences, among them and in demography. Not only is the technical, formal elegancy and refined approach in question, but also strong insights into the real behavior of people. On the other hand, the strength of the influences of economic factors on birth is always susceptible to discussions, just as any other empirical question. This influence certainly exists, and economists are, perhaps inclined to impute greater significance to it than what is realistic.

Keywords: fertility; microeconomic theory of fertility (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:eto:stanov:v:38:y:2000:i:1-4:id:211

DOI: 10.2298/STNV0004059M

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