I still can’t quite work out what the worry is about the replacement rate. If it’s pensions then I think we might need to think about how we’ve built a scheme built on a load of unstable assumptions and undo that?
I think it depends on whether the replacement rate stabilises at some future point. Exponential falls kick in quickly as well as exponential increases. Our society would function significantly differently with far fewer people in it.
Though see also eg Children of Men, and Old People.
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There’s quite a big difference between fewer children and zero children!