Be it resolved, don’t fear declining birth rates.

Gone are the days of the post-war baby boom and nation-wide one-child policies. Fertility rates around the world – from the US to China to South Korea to Japan – are on the decline, and 23 nations are expected to see their populations halve by 2100. Some demographers are sounding the alarm. They argue that low birth rates combined with an aging population will lead to wage inflation, soaring healthcare costs for the elderly and shrinking workforces to pay for public services and already massive government debts. In sum, the shrinking populations of advanced economies will lead to widespread social and economic decline.

Other demographers aren’t so concerned. They point out that a declining population will put less pressure on our resources and slow the effects of climate change. It will also ease the burden on women and lead to less unemployment as the demand for workers increases and wages improve. And finally, it will force governments to improve existing childcare, health care, and education policies to encourage families to have more kids. Lower birth rates are an opportunity to re-examine our existing social and economic structures and make changes that will benefit everyone in society.