How would you describe your childhood? Did your parents have a laissez faire attitude, letting you run wild and free, or did they have more rigid rules, which dictated your life choices?

Perhaps you’re now a parent yourself — which parenting approach have you chosen?

Matthias Doepke, a professor of economics at Northwestern University, argues that we often assume that parenting is all about culture, and that the reason that those from different countries or backgrounds parent differently is specifically because of those backgrounds (varied religious, political, and geographical traditions). But, Doepke argues, economics is a far more significant driver of parenting. He’s the co-author of “Love, Money and Parenting - How Economics Explains the Way We Raise Our Kids,” and he tells us how income inequality largely shapes how we raise our children.