The Age of Depopulation

Policy makers have yet to confront the prospect and the related reality that immigration can only partially delay the inevitable:

…Prosperity in a depopulating world will also depend on open economies: free trade in goods, services, and finance to counter the constraints that declining populations otherwise engender. And as the hunger for scarce talent becomes more acute, the movement of people will take on new economic salience. In the shadow of depopulation, immigration will matter even more than it does today.

Not all aged societies, however, will be capable of assimilating young immigrants or turning them into loyal and productive citizens. And not all migrants will be capable of contributing effectively to receiving economies, especially given the stark lack of basic skills characterizing too many of the world’s rapidly growing populations today.

Pragmatic migration strategies will be of benefit to depopulating societies in the generations ahead—bolstering their labor forces, tax bases, and consumer spending while also rewarding the immigrants’ countries of origin with lucrative remittances. With populations shrinking, governments will have to compete for migrants, with an even greater premium placed on attracting talent from abroad. Getting competitive migration policies right—and securing public support for them—will be a major task for future governments but one well worth the effort….

A NEW CHAPTER

The era of depopulation is nigh. Dramatic aging and the indefinite decline of the human population—eventually on a global scale—will mark the end of an extraordinary chapter of human history and the beginning of another, quite possibly no less extraordinary than the one before it. Depopulation will transform humanity profoundly, likely in numerous ways societies have not begun to consider and may not yet be in a position to understand.

Yet for all the momentous changes ahead, people can also expect important and perhaps reassuring continuities. Humanity has already found the formula for banishing material scarcity and engineering ever-greater prosperity. That formula can work regardless of whether populations rise or fall. Routinized material advance has been made possible by a system of peaceful human cooperation—deep, vast, and unfathomably complex—and that largely market-based system will continue to unfold from the current era into the next. Human volition—the driver behind today’s worldwide declines in childbearing—stands to be no less powerful a force tomorrow than it is today.

Humanity bestrides the planet, explores the cosmos, and continues to reshape itself because humans are the world’s most inventive, adaptable animal. But it will take more than a bit of inventiveness and adaptability to cope with the unintended future consequences of the family and fertility choices being made today.

NICHOLAS EBERSTADT is Henry Wendt Chair in Political Economy at the American Enterprise Institute and Senior Adviser to the National Bureau of Asian Research. Eberstadt has served as a consultant to the World Bank and to the U.S. government, including at the State Department, the Agency for International Development, and the President’s Council on Bioethics. His books include Men Without Work: America’s Invisible Crisis and Russia’s Peacetime Demographic Crisis: Dimensions, Causes, Implications.

Source: The Age of Depopulation