<i>The friction we investigate is related to the ownership of children. If parents have no claim on their children’s income, then the private benefit from producing a child may be smaller than the social benefit.</i><p>I have just added this analysis on my folder marked <i>the rubbish heap of economic theories</i>. Linking parenthood to the potential of a parent having some form of financial benefit later on in life is just hot air. I am wondering if the authors have ever seen small feet walking in their lounges.