SOC357H1 Chapter Notes - Chapter 2: Twin Study, Total Fertility Rate, Aggregate Demand
Document Summary
Large cohort size reduces the economic opportunities of its members and reduces income relative to smaller parental generations. Up to 1980, changes in wages, fertility, and social disorganization closely matched cohort sizecorrespondence of the trends ends in the 1980s and appears in few countries other than the united states. The expected standard of living of adults comes from their childhood economic socialization. Cohort size represents the key determinant of both income potential and expected standard of living. Income potential depends on the size of cohorts entering the labor force, while the expected standard of living depends on the size of cohorts of the previous generation. the larger the cohort, the lower the potential income of members. A large youth cohort relative to the parental cohort results in relatively low income; a small youth cohort relative to the parental cohort results in high relative income.
