Using micro-data from 48 developing countries, I document a recent reversal in the income-fertility relationship and its aggregate implications. Before 1960, children from larger families had richer parents and obtained more education. By century's end, both patterns had reversed. Consequently,...

Fertility change is distinct from other forms of social and economic change because it directly alters the size and composition of the next generation. This paper studies how changes in population composition over the fertility transition feed back into the evolution of average fertility across...