Low Fertility,the Lewis Turning Point and Family Education Investment:A Research Perspective Based on Resource Reallocation
The impact of low fertility on a family's human capital investment does not merely indicate the internal allocation of the family's economic resources.The problems involving public education,national pension and intergenerational care behind low fertility bring more external uncertainties to the family's educational investment.This study,based on the data from the China Family Panel Studies in five periods between 2012 and 2020,and the research into resource reallocation,explores the changes in Chinese families'educational investment under the impact of low fertility.The research results reveal the following:Exacerbated low fertility significantly increased a family's educational expenditure;the decision-making in a family's educational investment resulted from various factors,and the effect of resource reallocation played an important role;during the crossing of the Lewis turning point,the cross-region and-sector flow of population further increased a family's educational investment;and hidden psychological factors such as the evaluation of employment and education,and the expectations for children's academic performance had different effects on a family's educational investment.Against the backdrop of the Lewis turning point,on which low fertility is superimposed,the increase in a family's educational investment is likely to be a helpless move in the competition in resource reallocation.The future educational policy of the government needs to focus on coordinating multi-party resources,ensuring educational fairness and efficiency,and returning education to its rightful meaning.
low fertilitythe Lewis turning pointfamily education expenditureresource reallocation
万方数据
