Demographic transition has been a defining feature of many significant shifts in economic history. And yet there’s an undercurrent of doom to our recent discussions on fertility and seniority changes that should be challenged.
Birthrates are retreating and, in some major economies, are well below levels historically regarded as desirable. This development, years in the making, either terrifies us or amuses us. When not pushed to enhance food security in a crowded and hungry world, policymakers are urged to plan for a future where the populace contracts too much and the functioning of entire communities is jeopardized.
There’s also a burgeoning market for exotica, like the stroller boom in South Korea — for getting around with poodles, not children. The extremes are unhelpful and can’t obscure a broader point: Women have experienced the freedom of having fewer children or none at all and there is no going back for them. We should proceed deliberately with responses that buttress the ability to live a good life in a world that’s a touch smaller, not one that’s empty.
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