Child In Modern Western Industrial Society

What is the value of a child in modern Western industrial society? More specifically, what is the value of a middle-class or upper-middle-class or upper-class child in America? And does this have anything to do with the fact that the birth rate among American women has been falling for decades and that the age of first childbirth among educated women is far higher than among less-well-educated women?
Start with economics. People in a free society will choose to have more of something if its return exceeds its cost. On the other hand, people in a free society will choose to have less of a good or service if its value is less than its cost.
Now, what is a modern child? Obviously, not a good or service, but something more and also something less. Long ago, as we all know, humans had children because they liked having sex and because children had some value as assistant hunters and gatherers and keepers of the hearth.
Then, as society became more organized, families chose to have children because the parents (we assume) still liked having sex and the resulting children were helpful on the farm or the ranch or in the village smithy. The kids did not require much -- just food and shelter and occasional loving and cuffing about to keep them in line.
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