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But these declines in the birth rate — and the larger rate of population growth — weren’t bad news in and of themselves; if anything, they seem to have been quite positive, going hand in hand with dramatic economic growth. Usd rupee exchange rate But is there a point when declines in the rate of population growth intensify to the point where they can start to drag down the economy?

Some intriguing evidence on this count comes from the historical record, specifically the period immediately after World War I, when fertility declines accelerated throughout the Western world on a scale comparable to our time. Binary file viewer This subject has attracted very little study, save for a handful of little-known scholarly articles.

Gsm sms One particularly intriguing study by Canadian economist Clarence Barber traced the relationship between declines in the rate of population growth and the eventual onset of the Great Depression. Usd cad chart He observed that during the 1920s, in the years preceding the 1929 crash, the rate of population growth had fallen by approximately a third in western and northern Europe and by half in the U.S.

In all likelihood, this decline was owed to the growing secularization of society at this time and in particular the growing opportunities for women outside traditional gender roles — not to the collective trauma of World War I. Gold forecast 2016 These new mores went hand in hand with sharp declines in the formation of new households, as younger people put off marriage and childbearing. Love quotes images This trend, or what Barber described as a “rapid and very large decline in the rate of growth of non-farm households,” led to a dramatic decline in residential construction starting around 1926.

In theory, immigration might have picked up the slack. 1 usd to gbp While Barber didn’t address this in his study, it’s worth noting that Congress put drastic curbs on inflows of people in 1924. Mexican peso exchange rate to us dollar That year, approximately 706,000 immigrants legally entered the country. Gold background wallpaper The number dropped precipitously the following year, and by 1933, the number had fallen to 23,000, a decline of nearly 97 percent.

How these demographic declines set the stage for the Great Depression is hard to know with certainty, but Barber believed the decline in birth rates among native-born Americans was sufficient to set the stage for declines in aggregate demand. Exchange rate rmb usd And even if demographic declines weren’t solely to blame, they intensified after the onset of the Great Depression, further contributing to the catastrophe.

Indeed, by the 1930s, the staggering decline in birth rates throughout the Western world contributed to growing pessimism about the likelihood of a full recovery. Futures markets definition One demographer later recalled that during this decade, “there was a feeling of impending depopulation, a feeling added to by the publication of population projections, many of which assumed a further fall in fertility.”

None other than John Maynard Keynes warned of this peril in a talk delivered in 1937 titled “Some Economic Consequences of a Declining Population.” He acknowledged that population declines might be mediated, but raised grave concerns about the risks posed by the demographic trends of this day. Binary to hexadecimal calculator He closed his talk with a nod to Thomas Malthus and the “devil” of overpopulation. Binary decision diagram “I only wish to warn you that the chaining up of the one devil may, if we are careless, only serve to loose another still fiercer and more intractable.”

In the end, his concerns proved unfounded — not because the developed world found a way to negotiate declining fertility rates, but because the years after World War II saw an unexpected baby boom in the U.S., and to a lesser extent, most of western Europe. Rmb vs usd exchange rate That population boom and the consumer demand it begot, is often credited with averting a return to the gloomy days of the 1930s.

Which brings us to the present. Gender identity disorder The recent data on population growth marks an ominous return to a trough last seen during the Great Depression. Usd gbp chart Moreover, data released by the real estate firm Trulia last week indicate that the number of young people living with their parents (or siblings) recently hit levels not seen since 1940.

But at least the U.S. Pounds to us dollars exchange rate still has immigration, right? Perhaps not: President-elect Donald Trump has been vocal about his opposition to illegal immigration, but since the election he has started to send signals that he intends to crack down on legal immigration, too. 1 usd to inr forecast If that happens, only a homemade baby boom will save us from further decline in the Trump years.

Stephen Mihm is a contributor to the Bloomberg View. Funny jokes for kids to tell at school He is an associate professor of history at the University of Georgia in Athens. Future stock market returns Follow him on Twitter at @smihm .