Is Less Really More? Comparing the Climate and Productivity Impacts o…

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Is Less Really More? Comparing the Climate and Productivity Impacts of a Shrinking Population

Working Paper 33932
DOI 10.3386/w33932
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We test the widely shared view that an important benefit of the ongoing, global decline in fertility and population growth will be reductions in long-run temperatures. We assess climate outcomes and average per capita incomes under a baseline scenario of depopulation against a counterfactual in which the world population stabilizes at a level higher than today’s. Although these paths differ by billions of people in 2200, we find that the implied temperatures differ by less than one tenth of a degree C. Timing drives this result. Fertility shifts take generations to meaningfully change population size, by which time per capita emissions are projected to have significantly declined, even under pessimistic policy assumptions. This makes the additional warming from any plausibly sized fertility changes small relative to other well-studied effects of population growth, including non-rival innovation. Moreover, once the possibility of net-negative emissions is accounted for, even the sign of the population-temperature link becomes ambiguous.
  • All authors are affiliates of the Population Wellbeing Initiative at UT Austin. This paper subsumes the working paper “Population Decline: Too Small and Too Slow to Influence Climate Change” by the same authors. We thank Jared Bernstein, Maya Eden, Frank Errickson, Jim Feyrer, Chad Jones, Peter Kruse-Andersen, Kyle Meng, Marta Prato, John Podesta, Noah Scovronick, Robert Socolow, Phil Trammell, Sam Trejo, David Weil, Anson Zhou, Stéphane Zuber, Valeria Zurla and participants at the NBER’s conference on Declining Population Growth, the University of Texas’ Workshop on Scale, the University of Oxford, and the White House Council of Economic Advisers (2024) for comments and conversations that have greatly improved the paper. Any remaining errors are our own. This research was supported by grant P2CHD042849 awarded to the Population Research Center at UT Austin by the Eunice Kennedy Shriver National Institute of Child Health and Human Development and by the Musk Foundation. The content is solely the responsibility of the authors and does not necessarily represent the views of any funder. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

    Michael Geruso
    University of Texas at Austin, Associate Professor (salary)

    Term of service in the Biden Administration's Council of Economic Advisers (Intergovernmental Personnel Act transfer)

    Seminar travel reimbursement: Various universities and NBER
    Kevin J. Kuruc
    I have had my work supported by grants from Longview Philanthropy, the Musk Foundation, the Eunice Kennedy Shriver National Institute of Child Health and Human Development and the Global Priorities Institute at the University of Oxford. This specific research paper received no funding and used only publicly available data. No funder had any role or influence in the research process or findings. No party had the right to review this paper prior to its circulation. This paper does not necessarily reflect the views of any funder.
    Dean Spears
    In the past, Dean Spears, while on leave without pay from UT-Austin, has been paid a salary as Executive Director of r.i.c.e., a doing business as name of RICE Institute, Inc, a 501(c) public charity non-profit corporation online at www.riceinstitute.org.
    Separately from r.i.c.e., Dean Spears has personally been paid as a Short Term Consultant at the World Bank, as a consultant for IPFRI, and as a short-term Visiting Fellow and Lecturer at Princeton University’s Woodrow Wilson School. He has had travel funded by the Gates Foundation, the World Bank, the Royal Economic Society, and by many universities for a conference or presentation. He was paid an honorarium by McMaster University as the 2017 Labelle Lecturer in Health Economics and by Penn State University for his 2024 DeJong Lecture in demography. His AIIS book prize paid a subvention to Harper Collins for his book Where India Goes with Diane Coffey, for which Spears and Coffey waived royalties. His Austin Robinson Memorial Prize resulted in a prize payment to r.i.c.e. He received author royalties from Simon and Schuster for his forthcoming book After the Spike.
    This research paper received no funding and used only publicly available data. Dean Spears has received research funding from the NIH, GiveWell, the Smith Richardson Foundation, the Musk Foundation, the Bill and Melinda Gates Foundation, Founders Pledge, USAID, the IGC, Longview Philanthropy, and UT-Austin, as well as from the individual donors to r.i.c.e. No funder had any role or influence in the research process or findings. No party had the right to review this paper prior to its circulation. This paper does not necessarily reflect the views of any funder.
    Sangita Vyas
    CUNY Hunter College, Assistant Professor ($122,400).

    Seminar travel reimbursement: Gates Foundation, World Bank, and several universities.

    In the past, I have been paid a salary as a Research Fellow of r.i.c.e., doing business as name of RICE Institute, Inc, a 501(c) public charity non-profit corporation online at www.riceinstitute.org. I have also been paid as a Short Term Consultant at the World Bank.
  • Mark Budolfson, Michael Geruso, Kevin J. Kuruc, Dean Spears, and Sangita Vyas, "Is Less Really More? Comparing the Climate and Productivity Impacts of a Shrinking Population," NBER Working Paper 33932 (2025), https://doi.org/10.3386/w33932.

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