There is no plausible scenario in which lower birth rates will reduce human capital in any meaningful sense. At present only a minority of the U.S. population receives a college education and a very small minority gets a post-graduate education. The percentage of the world’s population that receives an advanced education is tiny. It will be easy to get as many skilled workers as necessary by providing higher education to a larger portion of the population, even if the population were to decline substantially from current levels.Makes sense. I've never quite understood how our lives are supposed to suck in any meaningful sense if birth rates start declining. Assuming we can afford all the pension stuff, which it seems we probably can. Or how about a population decline, which is already expected in a number of countries (Russia, Japan, etc.)? Fewer people on a fixed amount of land means standards of living go up, no?