- Children as Investment Good. I put in Work now, I get out Value later. This is the pre-1950s model, and it's still good throughout much/most of the world. Furthermore, it appears that in terms of emotional investment it still works. Grandchildren apparently rock.
- Children as a Status Good. "Oh, I do so miss little Bobby, who is studying in Boston this year."
- Children as a Consumption Good. I like spending time with my kids. Incidentally...this is the killer app for homeschooling. ALL schoolers who transition to homeschooling find this to be either the #1 value, or awful close. Average massive improvement in academics, lack of crazy social BS at school, lack of drugs/sex/violence in 7th grade...those are comparatively minor.
- Children as a Status Good II: I'm such a good mom. My child has never spent 30 seconds waiting for me, and has had 3 course lunches for her entire 7 years of life. I am providing everything possible to make her a better person.
- Children as a Consumption Good II. Bryan Caplan: Kids are fun, in spurts, and hard to break. Play, and don't worry much.
The virtue of excellence