Pricing the Priceless Kids

Here is a novel way to look at parenting and having children.

In her 1994 book Pricing the Priceless Child (Princeton University Press), Princeton University sociology professor Viviana Zelizer describes how in the 19th century, children were "economic assets" that contributed to farm work and other important tasks. Then, during the early 20th century, the U.S. established laws removing many children from hard labor, sparking the "rise of the economically useless and emotionally priceless child," Zelizer says.

"As children have become less of an economic issue and people have fewer children and wait longer to have them, children have become precious, not in a economic sense but in an emotional sense," says Ellen Galinsky, president of the Families & Work Institute, a nonprofit research organization in New York and author of Ask the Children (William Morrow, 1999). "Having children is a meaningful thing to do in life—it's not just passing on a legacy."

Do you have children as an investment for the future?

Parents are invested in children emotionally by being more involved in their lives, Galinsky says. There's also hope that children will return the care when their parents are older and need assistance. "There's much more interdependence now," she says. "You're investing in your own future relationship."