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The Radical Cultural Shift Behind America's Declining Birth Rate
Plain English with Derek Thompson
Economic Growth and the Cost of Childcare
As economic opportunities for women increase, the birth rate decreases. Countries becoming richer lead to the rise in the cost of services like childcare due to the lack of cost-saving measures through globalization and technology. This phenomenon, known as Baumel's Cost Disease, explains the increased expenses in non-globalized, low-tech sectors such as childcare despite overall economic growth.
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