Why does saving for retirement work? Money is just a medium of exchange. All retirement plans in history have assumed there is consistent economic growth. In the worst case, at least a stable economy with low inflation. Not having enough people to replace elders breaks these assumptions.
A child is typically a worker when they are an adult and thus a net + to GDP. By having children, you are more or less ensuring that by the time you are a net—to GDP, there will be a net + to GDP.
He was responding to the selfish reason—“my children will take care of me in my old age”, not the social reason—“my children will be a small part of keeping the economy running in my old age”.
And for the cost of having children you could save quite a lot for retirement!
Money can do a lot, but it cannot buy people who will not merely care for you, but care about you in your declining years.
Why does saving for retirement work? Money is just a medium of exchange. All retirement plans in history have assumed there is consistent economic growth. In the worst case, at least a stable economy with low inflation. Not having enough people to replace elders breaks these assumptions.
A child is typically a worker when they are an adult and thus a net + to GDP. By having children, you are more or less ensuring that by the time you are a net—to GDP, there will be a net + to GDP.
He was responding to the selfish reason—“my children will take care of me in my old age”, not the social reason—“my children will be a small part of keeping the economy running in my old age”.