Economic opportunities, marriage squeezes and the propensity to marry: An economic analysis of period marriage rates in England and Wales.

An economic model of the decision to marry has been developed by Gary Becker and is now part of the 'new home economics'. From it one can deduce that the propensity to marry is a function of the relative earning capacities of men and women, the relative scarcity of unmarried persons of the opposite sex and real income. The effects of changes in these variables on the annual first marriage rates of men aged 16-19, 20-24 and 25-29 and women aged 16-19 and 20-24 respectively are estimated over the post-war period. It is found that women's earning capacity relative to men's has a particularly strong negative effect on marriage rates, and that the decline in first marriage rates during the 1970s was primarily attributable to the growing economic opportunities for women. As demographic studies have suggested, the relative numbers of bachelors and spinsters of particular ages ('marriage squeezes') also have a significant impact, and there is evidence of substitution in the ages of marriage partners in response to such 'squeezes'. The income elasticity of marriage is only found to be significant among men below age 25 and women below age 20, and it increases as we move down the age distribution. This suggests the 'liquidity constraints' influence the timing of marriage among young people. In sum, this economic model is able to account for over 90 per cent of the post-war variation in young persons' marriage rates.