This is a real thought process people are contending with. There's also just the simple fact that kids are liabilities more so than assets. That's not been the case through most of human civilization.
I wouldn't limit it to economics either. Socially children are restricting. If you want to be free to travel, move, leave the house on a whim, etc. then kids will interrupt your plans/logistics.
You bring up assets. I think per-industrial economies the majority of couples have no ability to gain modern assets. Things like land and infrastructure was locked down. Unless you wanted to try to take stuff by force you were SOL. So only thing you could do is have a lot of children whose value was performing labor. Only encouraged by a high childhood mortality rate.
Switch to an industrial society. Having children to do raw physical labor competes directly with tractors and a backhoes. But you can acquire other assets and put more resources in upscaling children through education. And wage work means you can send wives and daughters out to make money.
I think it usually takes a society one or two generations to figure that out and act accordingly.
Adding a thing I harp on. Malthusian limits traditionally is thought to apply to just food and disease. But you can extended that to an industrial wage based economy and the resource restrictions still apply just not to food and disease. Industrialization probably results in structural population overshoot.
I read those before but will read them again. That narrative influenced my thinking about this. There is confusion I think because peoples attitudes tend to be stubborn over time. But they tend to match the milieu they were raised under.
An example of that is the plots in this essay. Attitudes don't change much plotted by age cohort over time.
Summarize that we've thrown a bunch of historical peasants into an industrial society and they're reacting astutely to the new incentives. But the big change comes from those that grew up in it.
Example Bangladesh fertility rate went from 7 in 1975 to 4 in one generation and dropped to 2 one generation later.
I've found having children the most rewarding thing to have done with my life. And even so, you are right about the costs. "Million dollar baby" is not just a catch-phrase.
Same. I contended with having children at all because I enjoyed my freedom. As much as I enjoy it and find it inspiring and rewarding, there’s a part of me that’s counting down to independence again. I was fortunate enough economically it doesn’t require sacrifices but I still see the tally and it’s enormous. When I see median numbers on common stats like home prices, incomes, groceries, etc. there’s no way I would have taken it on if that was my reality.
I disagree on some cases. If I want my child to have roots, same community, same friends, same school, etc. then I can’t move around. That’s not an economic decision.
Likewise, sure things like nannies can be hired to increase my flexibility. But, there’s a noneconomic factor of me just not wanting my kids to be raised by nannies. This requires my presence and engagement.
These are part of a noneconomic value system. In fact, many values like these are at odds with economics. Parents choose to place their values over economics. This might look like passing on a job/promotion that would require a relocation. If you are self aware enough to realize you have these values, you can estimate how becoming a parent will impact your life and choose how important creating a family is to you and if you want to ensure the consequences.
factors are not invariant under different economic levels though. For example - if you didn't need to work you can spend all the time in the world with your kids. Someone who has no money and relatively low mobility and has to work night shifts at a factory does not even have the option to consider staying home like that.
I wouldn't limit it to economics either. Socially children are restricting. If you want to be free to travel, move, leave the house on a whim, etc. then kids will interrupt your plans/logistics.