The Great Fertility Collapse (with Jesus Fernandez-Villaverde)

Economist Jesus Fernandez-Villaverde discusses with Russ Roberts the unprecedented global fertility collapse, which is now fastest in developing countries like Colombia and Thailand, challenging long-held economic assumptions. The episode explores possible explanations—declining religiosity, smartphones, housing costs, and shifting gender norms—though none are confirmed. Fernandez-Villaverde offers his own speculative view that modern life makes a third child costly and childlessness easy. The conversation then turns to the deep economic consequences: an aging electorate reshaping government spending, slower growth, and fewer future innovators.