July 1, 2011, 12:54 PM
Richer People Want Fewer Children
By CATHERINE RAMPELL
The economist Justin Wolfers wrote a provocative post last month arguing that children are “inferior goods.”
For most goods — “normal goods” — people desire more of them as their income increases. But for inferior goods (like rice) people tend to consume less as they get richer and are able to afford more desirable and expensive goods (like steak).
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