The economic theory of fertility over three decades

After a promising start some three decades ago, the application of micro-economic analysis to fertility studies has proved disappointing. It has not led to an increased understanding of fertility decisions nor to the policy insights which had been expected. This paper considers the reasons for this disappointment. It reviews briefly the development of the now dominant version of the economic approach to fertility analysis, the so-called "Chicago Model". It concludes that several basic conceptual and theoretical weaknesses of this approach have led it up a blind alley. The paper concludes with suggestions for new assumptions and approaches which may make the theory more relevant for policy programmes.