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Theory Of New Home Economics (NHE)

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Literature review (Group Project)
Theory of New Home Economics (NHE)
Becker proposed a theory named New Home Economics (NHE) in the 1960s,
It was regarded as the first theory to examine diverse home-based determination through an economic angle.
In the theory of NHE, children are valued as a good that could generate income, for example in form of monetary or psychological satisfaction, to their parents (Becker, 1960). A specific formula was explained in the theory with an aim of calculating possible cost and benefit of raising children:
Net cost of children = present value of expected outlays + the imputed value of the parents’ services − the present value of the expected money return + the imputed value of the child 's services
The theory of NHE stated that children are considered to be a consumer good when a positive result is collected for net cost of children, this means comparatively more positive psychic income is resulted in which able to offset the exact cost of having children (Becker, 1960). While if a negative net cost of children is resulted, the theory of NHE stated children are considered to be a production good that would further generate monetary return for their parents (Becker, 1960).
The theory of NHE allows to analyze one’s fertility decision merely through an economic approach, for example cost and benefit consideration of childbearing as well as opportunity cost concept.

Relationship between Hong Kong family culture and fertility intention Chang &

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