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August 8, 2008

Strange but True!

Q. Why are people marrying so much later these days? How might an economist explain this?

A. Think in terms of “opportunity costs,” or what must be sacrificed to pursue a certain path, says Robert Frank in “The Economic Naturalist.” These costs have been increasing for those who choose to marry young. As a result, marriages worldwide have been pragmatically delayed. For example, in the U.S. in 1960, the average age at first marriage was 22.8 for men, 20.3 for women; by 2004 the figures were 27.4 and 25.8 (28.7 and 26.9 in Australia).


 
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