During the second decade of the 21st century, it's a 2.4. And it's even less in wealthy nations.
As Scott Lanman notes in Bloomberg, that could have grim impacts on key parts of the economy.
For example, there will be fewer in the workforce, paying less tax, and contributing little to support retirement and healthcare. Chaos could be ahead.
That's on the macro level.
On the level closer to the legal sector, the effects could be catastrophic.
For example, there would be fewer to enroll in law schools. Right now, enrollment is up. But as the reduced fertility trend makes its way through demographics, there could be another drastic drop in enrollment numbers.
Also, SmallLaw could take quite a hit.
Family lawyers will have few custody battles over fewer children.
Those without children has less motivation to purchase a house. So, real estate lawyers will have fewer transactions.
And, if two people don't intend to have a family, why should they get married? Without marriage there is no divorce. So divorce lawyers could be in a pickle.
Meanwhile, with the cost of childcare and higher education so high, not reproducing makes good financial sense.
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