Abstract
Women born during the baby boom are predicted to have historically high rates of childlessness and low fertility. Many popular explanations for such predictions point to the costs involved in having and rearing children—both direct and opportunity costs. The evidence for such costs, however, is quite weak. In this article, the costs in earnings, labor-force time, and time with one's spouse are considered and argued to be inadequate to explain contemporary women's low fertility. Instead, it is argued that fundamental values held by women about male-female relationships and the role of women in society are quite important in affecting women's fertility. Limited empirical tests of this argument provide consistent support. This article concludes by noting how, for growing numbers of women, the role of mother is being redefined in ways quite similar to the traditional role of father—financial support of children.

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