People are having fewer children.

Why should we care? Comment “Fertility” and we’ll send you an article on the topic. Falling fertility means more than smaller families. Over time, it can mean fewer workers, entrepreneurs, scientists, and taxpayers, while pensions, healthcare systems, and infrastructure must be supported by a shrinking population. That does not make decline inevitable. Technology, automation, and AI can raise productivity and help societies do more with fewer workers. But institutions will matter enormously. A smaller, older population will need open markets, strong property rights, innovation, and entrepreneurship more than ever to adapt, invest, and continue creating prosperity.