In Python, if I have a child function within a parent function, is the child function \"initialised\" (created) every time the parent function is called? Is there any overhe
Yes. This enables closures, as well as function factories.
A closure causes the inner function to remember the state of its environment when called.
def generate_power(number):
    # Define the inner function ...
    def nth_power(power):
        return number ** power
    return nth_power
Example
>>> raise_two = generate_power(2)
>>> raise_three = generate_power(3)
>>> print(raise_two(3))
8
>>> print(raise_three(5))
243
"""