Who's afraid of population decline? A critical examination of its consequences

Abstract

There are fears that the recent declines in fertility rates in many countries, leading to population decline and aging, will have negative impacts on their economies. However, this article argues that such concerns are often overstated, and that population decline can also have benefits. It questions the premise that population growth is necessary for economic growth, pointing out that in modern societies reductions in mortality have a greater impact on population aging than reductions in fertility, and that reductions in fertility may also have positive consequences such as encouraging innovation and reducing pressures on the environment. Overall, it concludes that while there are genuine challenges resulting from population decline, these should not be exaggerated, and that the process of decline itself may be beneficial. – AI-generated abstract.