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Lecture04_fall2009 - Ec183 Fall 2009 Leah Boustan Agenda...

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Ec183, Fall 2009 Leah Boustan Agenda for today In-class exercise: Sample midterm problem Economic hypotheses for the decline in fertility in the mid-19 th century Second lecture on labor force: Economics of slavery in the US South Review: Fertility in 19 th century Population growth rate of 3% from 1800-55 In theory, add population through births, immigration, fewer deaths. No change in life expectancy over period. Completed marital fertility rate falls from 10 births per woman to 7 births per woman (of which only 8 and 4.5 survive) from 1800 to 1850 One explanation: Later age at first marriage – from 22 to 23 years old – and longer interval been marriage and first birth. Together, equivalent of 1.5 births.
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Hypothesis: Economic development reduce the demand for large families Children as old age security Substitute toward savings as financial markets develop Children move to city; more likely to “default” Value of unskilled child labor declines From farm work to factories to white collar “Quality-Quantity” tradeoff: Parents have limited resources; can either have many children and provide each with the basics, or can have a few children and pay for schooling, health care, etc.
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