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This perspective ignores the drastic difference in the quality between one caretaker and another. Among middle-class parents, the cost of an engaged preschool provider or nanny with a good teacher:child ratio that can match the quality of care of an invested parent meets or exceeds the median salary.

Especially for parents with multiple children, it is economically rational to have a parent at home to provide that customized 1-on-1 care with the child. The benefit is improved learning and opportunity for experiences (daily trips to museums, sports activities, classes) at the expense of less structured socialization with a peer group and a loss in net household profit.

Though the tax break afforded for day care should not be disregarded, there are plenty of situations where it makes sense to have a parent stay at home with children.

Most parents choose to have children so they can spend time with them. Maximizing this at the expense of some net household profit can be rational, given certain living situations. One could argue it is a luxury, and they would likely be right. Having children at all in advanced industrial societies is, in the individual case, usually a luxury.