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 Why menopause?
Good Mother Theory
Grandmother Hypothesis
non-adaptive pure chance

 
I recommend this comprehensive overview of the possible reasons for human menopause for a first look at the question. The extract below is only the conclusion of a long article.

http://www.mc.maricopa.edu/anthro/origins/women_change.html 
(note - this site seems to default to its home page, so to get the article it may be necessary to type in the part of the URL which begins at "origins")
Why Women Change
BY JARED DIAMOND

The winners of evolution's race are those who can leave behind the most offspring to carry on their progenitors' genes. So doesn't it seem odd that human females should be hobbled in their prime by menopause? 

If one were playing God and deciding whether to make older women undergo menopause, one would do a balance sheet, adding up the benefits of menopause in one column for comparison with its costs in another column. The costs of menopause are the potential children of a woman's old age that she forgoes. The potential benefits include avoiding the increased risk of death due to childbirth and parenting at an advanced age, and thereby gaining the benefit of improved survival for one's grandchildren, prior children, and more distant relatives. The sizes of those benefits depend on many details: for example, how large the risk of death is in and after childbirth, how much that risk increases with age, how rapidly fertility decreases with age before menopause, and how rapidly it would continue to decrease in an aging woman who did not undergo menopause. All those factors are bound to differ between societies and are not easy for anthropologists to estimate. But natural selection is a more skilled mathematician because it has had millions of years in which to do the calculation. It concluded that menopause's benefits outweigh its costs, and that women can make more by making less.
One of the possible reasons for menopause is often called the Good Mother theory. This is variously described, but this extract from an 1834 medical text spells out the essentials with archaic charm:
The reason of the discharge leaving the woman at this time of life, appears to be founded in Divine wisdom and beneficence; childbearing being thereby prevented beyond that  period at which the mother would be capable of extending her care to her offspring, in the ordinary probabilities of human life; and thus consequently submit her child to the doubtful management of strangers, or subject it to the waywardness and caprice of those who could not feel a parent's affection, or would not yield a mother's devotion to its many necessities and wants, at a period at which its helplessness would most require the kindest offices.


Here is a small part of a transcript of The Health Report with Norman Swan (an Australian radio show) at http://www.abc.net.au/rn/talks/8.30/helthrpt/stories/s11300.htm   Other theories are also discussed

Menopause 
Monday 6 July 1998
Summary: A look at the role of the menopause in contributing to women's risk of heart disease and some evolutionary theories on why women go through menopause. 

Natasha Mitchell: The other way that evolutionary biologists go about testing the adaptive advantage of menopause is by building mathematical models. These yield different results but some reveal that Good Mothering is an altogether unrealistic explanation.

But Professor Paul Sherman is convinced by the Good Mother Theory, and believes all signs point to the menopause being adaptive.
Paul Sherman
        The general idea is to look at phenomena associated with our physiologies and our behaviours and ask which ones are adapted and which ones are pathologies? Under a non-adaptive menopause hypothesis, menopause would be seen as a pathological condition, that is something that might be due to the Blessings of Modern Life: you increase the lifespan and therefore you end up with this menopause, but it is of no adaptive significance whatsoever. If one thought along those lines, then one would see the various phenomena associated with menopause to be things that should be suppressed, or avoided, or somehow kept at bay, kept either out of sight or stopped. 

          On the other hand, if one saw the phenomenon of menopause as an adaptation, one might look at each of the phenomena associated with it that affect women, and ask What is the effect of suppressing this? Now I want to make it clear, I am not a medical doctor and so I'm not making medical prescriptions here. But I am suggesting that if we thought that menopause was adaptive and a normal part of the physiology of women, we might  begin to look at the various manifestations of menopause in a slightly different way. And the medical community might not be so quick to intervene in certain things if they thought that these were normal phenomena, a normal part of the life span.

The Grandmother Hypothesis has been proposed as an alternative to the Good Mother Theory. Here is part of an article about it at http://cas.bellarmine.edu/tietjen/images/why_life_after_menopause.htm

Why Life After Menopause?
Ann Gibbons 
Science 1997; 276: 535. 

Why do women live so long after they stop reproducing? <snip>
Now, a new study of African hunter-gatherers suggests a provocative answer to this riddle: Women live to a ripe old age to make sure their grandchildren eat. By provisioning grandchildren, grandmothers ensure the children's survival, boost their daughters' fertility--and improve the chances that their own genes are passed on. With grandmothers providing food, daughters can breast-feed infants for a shorter period and so bear more babies during their fertile years than primates without helpers do, say University of Utah anthropologist Kristen Hawkes and colleagues, who presented their paper at the Paleoanthropology Society meeting. 

This "grandmother hypothesis" suggests that natural selection favored menopause (because only grandmothers who are not busy feeding their own children have time to provision grandchildren), as well as long life and perhaps even close family ties. <snip>

Hawkes and colleagues James O'Connell of the University of Utah, and Nicholas Blurton Jones of the University of California, Los Angeles, learned of grandmothers' contributions when they spent a year studying a group of 300 Hadza hunter-gatherers in the rugged hill country southeast of Lake Eyasi in northern Tanzania. <snip>


And here you have Real Audio files from National Public Radio

http://www.npr.org/ramfiles/980203.me.05.ram
The Grandmother Hypothesis
 http://www.npr.org/ramfiles/980423.me.05.ram
Granny's Role in Evolution - a follow up to the previous file


More theorizing, again focussing on grandmothers can be found at
Extract from http://www.tribunes.com/tribune/art98/pett.htm
The evolution and ecology of the menopause Science Tribune - Article - March 1998

... it is possible that the menopause is an unintended outcome of some other biological shift.

Menopause and evolution
There are only a few models in evolutionary biology that can explain selection for traits that have delayed expression or seem to be expressed only rarely. If we apply those explanatory models to the menopause, the first model would lead us to expect that menopause is an unintended outcome (or side effect) of selection for some other characteristic. <snip> The menopause may represent a trade-off between reproduction later in life, when fertility is naturally fewer and birth defects are higher, in favor of some other characteristic that enhances survival and reproduction at an earlier age. <snip>

The second model derives from sociobiology and behavioral ecology. In this view, the reproductive success of a female is measured not only by the number of her children that survive, but the number of copies of her genes that survive into future generations in the form of her grandchildren and other relatives. <snip> Women who devote their time to helping raise grandchildren, instead of having more children of their own, may therefore improve their representation in successive generations more than those who try to reproduce healthy children when they are over 40.

And then there's the non-adaptive pure chance theory - if you are a baboon - which is outlined at given at
http://www.augustachronicle.com/stories/042398/fea_124-4479.shtml
Study challenges idea that menopause gives evolutionary advantage
The researchers concluded that menopause -- instead of conferring  a longterm evolutionary advantage -- is just a result of aging, like failing eeyesight or thinning hair
Web posted Apr. 23 [98] at 01:15 AM

By Malcolm Ritter  Associated Press

NEW YORK -- Scientists may have found the answers to two questions  that might nag a woman entering menopause: Why is this happening? And  why now?

The proposed answers, from 30 years of observing lions and baboons in the wilds of Tanzania: No particular reason. And: For the kids' sake.



A different more serious report of the same study at 
http://www.brown.edu/Administration/George_Street_Journal/v22/v22n28/menopause.html
Research team offers fresh findings on reason for menopause 
concludes:
An author of the grandmother hypothesis says the latest findings still do not explain why, unlike baboons and lions, up to 40 percent of women live well beyond the decade needed to ensure that their offspring survive.
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