This chapter constructs an economic model of a family economy with overlapping generations in rural settings and explores the correlation between land ownership and child labour as well as landholding and fertility, amidst the prevalence of manufacturing sector unemployment. If parents prefer quality of children proxied by expected earnings of children more to the quantity of children, then the number of children is positive only if adult earnings exceed subsistence expenditure. In this case, time devoted to schooling by children increases as landholding increases and fertility increases with increase in landholding only if subsistence consumption expenditure exceeds a critical level. However, if parents prefer quantity over quality of children, then fertility increases with increase in landholding even if subsistence consumption expenditure is less than the critical level. In this case, parents want to have more children just to add one earning member in the family.