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Apart from Israel, which has a TFR (Total Fertility Rate) of 2.9, no Western nation (including Japan, South Korea, and Taiwan) has a birthrate above replacement rate, which implies – barring immigration – a West that faces aging and, ultimately, declining populations. (It is only fair to point out that China, Russia, and North Korea also have declining birthrates.
As Mr. Karabell wrote in the review quoted above: “Governments worldwide have evolved to meet the challenge of managing more people, not fewer and older.” Yet the opposite is in the offing. The effect on living standards could be startling. Economic growth depends on many factors: free markets, rule of law, global and fair trade, the right to property ownership, innovation, entrepreneurship, secure borders, but also on an expanding working-age populations.
Or, at least, a growing population has always been a key driver for economic growth. However, in a 2019 review of Paul Morland’s The Human Tide, Jason Willick wrote: “New technology such as cloning, space travel and artificial intelligence could mean the current demographic slowdown is not an endpoint but an interregnum before another era of radical political change sweeps all before it.” That is possible, and it is also possible that artificial intelligence will forego the need for additional white-collar jobs. But there is no way to avoid an aging population, along with ever-higher costs of healthcare for the elderly. Robots and computers do not pay taxes; people do.
The United States is better situated than most Western nations, as it attracts migrants to offset declining birthrates, though our population continues to age. Europe, as well, attracts migrants from the Middle East and North Africa, but at a lesser rate, and with less assimilation. While birthrates have declined in developing countries, many are still positive. Nigeria, for example, with a population of 226 million and a TFR of 5.3, is projected to have a population of 550 million by 2100. According to projections both Pakistan and Nigeria will surpass the United States in terms of population by 2100. China’s population will shrink to about one half that of India, the only country predicted to have a population over one billion in 2100.