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- W3140726972 abstract "Although economists have commonly identified the family or household as a decision-making unit, few economists have examined the implicit and explicit exchange system that orders family life. ' This neglect no doubt partially arises from the economist's natural reluctance to deal with exchanges that lack observable transaction prices and quantities. Nonetheless intergenerational exchanges may have powerful effects on the long-run growth of the economy in terms both of physical and human wealth accumulation per capita and of population growth.2 This article explores the choice structure underlying the relations between the generations with particular attention to the interaction of intergenerational wealth flows and parental control of the activities of offspring. Central to the analysis is the treatment of families as collections of individuals with potentially strong interdependence of utilities yet with distinct preferences and economic constraints.3 Parental control of offspring is not a given under this formulation but is an economic outcome, subject to shifts in market opportunities and the volume and form of intergenerational wealth flows. This view of the family process opens up a wide range of problems to economic analysis, including age of independence of offspring, extent of child labor, and pension value of offspring, and it recasts family decisions in such areas as schooling, marriage, and fertility in a potentially useful way.4 Economic analyses of intrafamily allocation have traditionally assumed, implicitly or explicitly, a parental control model of the household. Perhaps the most rigorous basis for such an assumption is Gary Becker's theorem on the intergenerational distribution of consumption in which" @default.
- W3140726972 created "2021-04-13" @default.
- W3140726972 creator A5061261766 @default.
- W3140726972 date "2016-01-01" @default.
- W3140726972 modified "2023-09-27" @default.
- W3140726972 title "On the Economics of Intergenerational Control" @default.
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