That’s not a secret Cost of raising a child It has risen significantly over the years. Many people today cannot afford to pay the all-in-cost of raising a child, especially when commitments of time, energy and attention are factored into equations.
As a result, advanced societies around the world have seen a decline in fertility rates, suggesting that population decline is inevitable. This creates a headwind towards economic growth as fewer people will be around to buy things and work in the near future.
Today, the low pregnancy rate also helps children get closer to social status Owning a boat or an ultra-luxury car More than a right of passage or natural expectation for people like those two or three generations ago.
There is a name for this type of social status purchase – Luxurious good. So, what makes kids so expensive and elite, is it comparable to getting a new Prada bag or owning a classic Ferrari convertible at Joyrido over the weekend?
Let’s take a look –
In economics, Excellent product or Luxury products Make up something big ratio of consumption As income rise. This tends to buy high-end versions of products that create lifestyle creeps and create the possibility of overdose yourself as you earn more money.
A classic example is cars. You can buy practical and functional vehicles on a budget for transportation, or splurge on the latest exotic and technically advanced vehicles, but you can pay the large monthly payments that come with it. (Luxurious good)
To qualify as a luxury good, a purchase must have two economic characteristics. Rareand it must have a high price. The scarcity of a good can be natural or artificial, but others must recognize the good Better than the alternative. Such good possession is usuallyAdvantage“It’s a resource, usually accompanied by fame.
So, are kids now luxurious and good? Everyone can still have children and become parents, but there was definitely a change in attitude towards raising a child “appropriately” and the meaning of “pretty” meant. Ask someone without children and see what they think.
I recently reread it 9.9%: A new nobleman who sets inequality and distorts our culture This shows some of the factors that create socioeconomic stratification in our society, as well as how we set the standards and standards of all kinds of social norms.
The family chapter shows that society says that modern middle class children must include –
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Nurse
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Elite College Prep private tutor/acceptance
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Extracurricular activities
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Vacation, camping, daycare
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Private school tuition fees
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Careful parents who know the details of their children’s lives
Failure to meet the standards creates a sense of parental failure. Meanwhile, people raising children to this standard are informing society that they can “allow this” or that they are bad. (Do you remember the car?)
In any case, the net outcome seems less than trying to inevitably try to fail.
And regarding the reduced group of shows off having kids —
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