Why the Birthrate Panic Has a Blind Spot

The resilience of the global economy in coming decades will hinge on geopolitics, the evolution of supply chains, technology — and demographics. Contrary to some troubling depictions, the slide in birthrates doesn’t mean permanently lower growth. Nor does it have to lead to an inexorable erosion in standards of living or the end of innovation. Some high-profile academics are offering a refreshingly upbeat perspective.