Edward Conard

Top Ten New York Times Bestselling Author

  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
Upside of Inequality Oxford Unintended Consequences

AI Summary. Chinese social media is saturated with viral posts about low wages, job scarcity, falling property values, and economic despair, despite increasingly aggressive censorship. The volume of pessimistic and satirical content surviving China's censorship apparatus signals the depth of public anxiety about the economy.

Li Yuan New York Times
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Attitudes expressed on Chinese social media are increasingly negative. Given that the “censorship apparatus still controls the internet,” the increasingly negative online sentiment, much of it about “economic despair,” is “striking,” Li Yuan remarks.

Is China's censorship failing to contain economic despair online?

Core argument: Viral feeds on RedNote, Douyin, and Weibo are saturated with posts about meager wages, scarce jobs, and falling property values, signaling that economic despair has become the dominant register of Chinese social media.

Across RedNote, Douyin, Weibo and other popular platforms, you can scroll endless posts about meager wages, scarce jobs, falling property values and fear about the future. Some turn their hardships into dark humor. Others hijack official posts and hashtags and turn propaganda into spectacles of mockery. China’s internet censorship has grown increasingly ruthless over the past decade. That makes the sheer volume of the pessimistic posts and sarcastic comments all the more striking. When [Li Yuan opened her] RedNote in recent weeks, [she] was surprised to find that the first 30 or so posts were nearly all about economic despair, many with hundreds or thousands of likes. The suggested searches could be even gloomier. “Is there a future for employment in China?” read one.

Takeaways by Macro Roundup® AI

  1. Viral feeds on RedNote, Douyin, and Weibo are saturated with posts about meager wages, scarce jobs, and falling property values, signaling that economic despair has become the dominant register of Chinese social media.
  2. Chinese citizens are hijacking official hashtags and propaganda posts to stage public mockery, converting state messaging into vehicles for dissent despite a decade of increasingly ruthless censorship.

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AI Summary. Across wealthy countries, intended fertility and ideal family size fell over the past decade as children came to be seen as constraining freedom rather than conferring status or fulfillment.

Raquel Fernández, Inés Berniell and Milagros Onofri National Bureau of Economic Research
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Fernández et al. cast doubt on Goldin’s hypothesis that men’s limited willingness to share domestic responsibilities is central to fertility decline, pointing instead to the erosion of the belief that children are necessary for a fulfilling life.

Does freedom from family obligations now outweigh the fulfillment children provide?

Figure 1 documents how fertility outcomes and attitudes changed over the decade. Intended fertility fell in every GGS country, from 28 to 21% on average (Figure 1a). The ideal number of children fell in 17 of the 22 ISSP countries, from 2.42 to 2.31 on average (Figure 1b). [Children] became more likely to be seen as constraining parental freedom and less likely to be seen as conferring status (Figure 1c). Gender roles became less traditional, and the division of household work became more equal [Figures 1i]. Despite this greater sharing of chores and care, work–family conflict rose sharply. The decade saw changes that might have been expected to make the burden of children lighter, at least for women. Simultaneously, however, children became less attractive and, above all, less necessary: the belief that a fulfilled life requires children lost more ground than any attitude we measure [Table 2, Part II, Panel B].

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AI Summary. 60% of U.S. adults identify as working class, including half of college graduates and upper-income earners, making the label broadly adopted across economic lines rather than confined to lower-income or blue-collar workers.

Steven Shepard, Hannah Hartig, Andy Cerda and Jocelyn Kiley Pew Research Center
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60% of Americans say “working class” describes them “extremely” or “very” well. Republicans are more likely than Democrats to identify as working class – strikingly 61% of Republicans who have a family income of at least $155,600 identify as working class, compared to 38% of such Democrats.

Does working class identity reflect actual economic status or cultural values?

Core argument: Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.

Most Americans think of themselves as “working class” today: Overall, 60% of U.S. adults say the term describes them well. And the identity is widely adopted by people across all income and educational groups – including half of both Americans who have a bachelor’s degree and those who are upper-income. Those working in blue-collar occupations are particularly likely to identify as working class (77%), [as are] a majority of those working in other occupations (61%). White adults are more likely than Black adults to identify as working class. About six-in-ten White (62%) and Hispanic adults (59%) overall view themselves as working class, as do roughly half of Black (54%) and Asian adults (52%).

Takeaways by Macro Roundup® AI

  1. Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.
  2. Blue-collar workers identify as working class at the highest rate (77%), yet a majority of workers in other occupations (61%) claim the same identity, indicating occupational type is a weak predictor of class self-perception.
  3. White adults identify as working class at a higher rate (62%) than Black (54%) or Asian adults (52%), with Hispanic adults (59%) closely tracking the White share.

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AI Summary. Spain's immigrant and second-generation population totals at least 12m — roughly 25% of the total population — with nearly 40% of children under 5 either immigrants or born to immigrant parents.

Nicholas Eberstadt American Enterprise Institute
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Spain’s population of first and second generation immigrants from Latin America (~5.7mm), and Morocco or other African countries (~2.4mm), accounts for nearly one sixth of Spain’s population. There are ~37mm native Spaniards.

What happens when immigration reshapes a nation's demographic foundation?

Core argument: Spain's first- and second-generation immigrant population totals at least 12 million—roughly 24% of the country's 49 million people—making mass migration a defining structural feature of Spanish society.

Spain’s first and second-generation immigrant population comprises at least 12 million—almost 9.5 million immigrants and over 2.5 million of their descendants. [Spain’s population was ~49mm at the starts of 2025.] Over a third of Spain’s under 40 population are now first or second generation immigrants. And our numbers suggest that nearly two-fifths of Spain’s children under 5 are the children of immigrants, or immigrants themselves. Since our method misses second-generation immigrants not living with their parents, the absolute and relative size of Spain’s mass migration population is likely somewhat greater than we estimate.

Takeaways by Macro Roundup® AI

  1. Spain's first- and second-generation immigrant population totals at least 12 million—roughly 24% of the country's 49 million people—making mass migration a defining structural feature of Spanish society.
  2. Over one-third of Spain's under-40 population are first- or second-generation immigrants, concentrating demographic transformation most heavily in the cohorts that will drive workforce and electoral outcomes for decades.
  3. Nearly two-fifths of Spain's children under 5 are immigrants or children of immigrants, a share that understates the true figure because second-generation children living independently are excluded from the count.

Related Articles:

  • Quo Vadis, Hispania? Part One — Spain's population growth between 2000 and 2025 was almost entirely (98%) driven by immigration, as natural population increase (births minus deaths) was negligible; since deaths have exceeded births since 2015, all future population growth depends entirely on continued immigration.
  • Four Ways Europe’s Big Immigration Experiment Has Changed Spain — Spain's recent economic growth and job creation have been driven largely by immigration, with roughly 70% of new jobs since 2019 going to immigrants. This reliance reflects a fertility rate of just 1.1 births per woman — the lowest in the EU after Malta — and a domestic workforce increasingly
  • Depopulation Globally and in the Asia-Pacific: The Shape of Things to Come — Nicholas Eberstadt warns that depopulation will stress families as smaller families “become ever less able to bear weight—even as the demands that might…

AI Summary. Spain's population growth between 2000 and 2025 was almost entirely (98%) driven by immigration, as natural population increase (births minus deaths) was negligible; since deaths have exceeded births since 2015, all future population growth depends entirely on continued immigration.

Nicholas Eberstadt American Enterprise Institute
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Btw 2000 and 2025, ~98% of Spain’s population growth was due to immigration. In 2024, about one-third of babies born in Spain had a foreign-born mother.

Does Spain's future population depend entirely on immigration?

Core argument: Spain’s natural population balance turned negative in 2015, making immigration the sole driver of any future population growth.

Without immigration, Spain’s population would have stagnated in the first quarter of the 21st century. According to official Spanish data, births exceeded deaths by barely 200,000 for the 2000-2025 period (2025 numbers still provisional)—or less than one half of 1% of Spain’s 2000 population. Thanks to its robust immigration inflows, however, Spain registered more population growth than any other EU country between 2000 and 2025. Virtually all (98%) of Spain’s population growth was due to immigration during those years. And since deaths have exceeded births in Spain since 2015, any future growth would have to come entirely from additional immigration.

Takeaways by Macro Roundup® AI

  1. Spain’s natural population balance turned negative in 2015, making immigration the sole driver of any future population growth.
  2. without continued inflows, Spain’s population will shrink.

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  • European Stagnation Is Real — Six large American technology companies are worth more than all European stock markets combined, and the wealth they generate flows primarily to American households through equity ownership and high wages rather than to European workers or investors.
  • Four Ways Europe’s Big Immigration Experiment Has Changed Spain — Spain's recent economic growth and job creation have been driven largely by immigration, with roughly 70% of new jobs since 2019 going to immigrants. This reliance reflects a fertility rate of just 1.1 births per woman — the lowest in the EU after Malta — and a domestic workforce increasingly
  • Depopulation Globally and in the Asia-Pacific: The Shape of Things to Come — Nicholas Eberstadt warns that depopulation will stress families as smaller families “become ever less able to bear weight—even as the demands that might…

AI Summary. Israel is the only wealthy democracy where fertility has risen over the past generation, reaching a total fertility rate of 3.0, driven entirely by Jewish fertility growth; secular Jewish Israelis average nearly 2 births per woman—2x the rate of secular Jewish Americans.

Nicholas Eberstadt and Patrick Norrick American Enterprise Institute
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The rise in Israeli Jewish fertility is an exception to the collapse across advanced economies. TFR is 1.9 among secular Jews, 2.1–2.7 among traditional Jews and 3.7 among Dati Jews. Eberstadt suggests mimetics—social imitation—may help explain it.

Why is fertility rising in one wealthy democracy while falling everywhere else?

[Israel is] the lone affluent democracy where national fertility (estimated TFR) actually rose over the past generation (albeit slightly—from 2.9 in 1991 to 3 in 2021). This was powered wholly by a rise in Jewish fertility, from about 2.6 births per woman in 1995 to 3.1 in 2024. In 2022–24 fertility in Israel was over 20% higher for Jews than Muslims. Much has been made of Israel’s extraordinarily prolific Haredi community and its six-plus-children-per-woman estimated TFR. But fertility for the rest of Israeli Jewry is unique for modernity too. For secular, natural-religious and traditional Jews combined, the current average TFR is about 2.5 births per woman. And for secular Israeli Jews, per se, it is almost two births per woman.

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AI Summary. Global fertility has fallen below replacement level, meaning population will peak at roughly 9 billion around 2056 and then decline, driven by large existing generations masking the underlying shortfall in births.

Jesús Fernández-Villaverde and Patrick Norrick University of Pennsylvania
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The UN appears to systematically overestimate births; e.g. 33 of 37 countries with high-quality statistics registered fewer births in 2024 than the UN had forecast. Fernández-Villaverde and Norrick infer humanity is below replacement fertility in 2026.

Will declining birth rates eventually shrink the global economy?

Core argument: Global fertility has fallen below replacement level as of 2026, ending humanity’s ability to sustain long-run population stability without a reversal in trends.

In Table A1 we compare the World Population Prospects (WPP) estimates of births in 2022-2023 with the official numbers reported by several countries. [A2 shows the full sample with the deviations.] As of 2026, humanity is likely to be below the replacement fertility level: we are having fewer births than we need to keep population constant in the long run. This astonishing fact does not mean that population has stopped growing. Because of momentum effects (the large cohorts of women born two or three decades ago are having their children now, and their own parents have not died yet), world population will keep growing for another 30 years or so. But unless trends change, it will peak at roughly 9 billion around 2056 and then start falling, first slowly, then fast.

Takeaways by Macro Roundup® AI

  1. Global fertility has fallen below replacement level as of 2026, ending humanity’s ability to sustain long-run population stability without a reversal in trends.
  2. Population momentum—driven by large cohorts of women now in peak childbearing years—will sustain growth for roughly 30 more years before world population peaks at approximately 9 billion around 2056 and begins declining.

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AI Summary. Japan's birth count has fallen below levels recorded over 150 years ago, with 2024 births at roughly 686,000 — less than 25% of the 1947 peak and lower than figures from the earliest available records.

Nicholas Eberstadt American Enterprise Institute
Date Posted:

China’s total births in 2025 were about on par with those of the Qing Dynasty in the 1750s. Japan’s 2025 births were on par with those of the Tokugawa shogunate in the late 1600’s.

Is the global fertility collapse reversing a century of population growth?

Core argument: Japan’s 686,000 births in 2024 represent barely one-quarter of the 1947 peak of 2.7 million and fall below the country’s 1873 baseline, erasing more than 150 years of demographic growth.

The admirable Human Mortality Database, pioneered by researchers at Berkeley and Rostock, Germany, offers careful reconstructions of such historical birth numbers for dozens of developed countries. We can use their figures for our comparisons. Start with Japan. By 2024, the Japanese birth level was barely a quarter of its peak in 1947, 77 years earlier (686,000 vs. over 2.7 million). But Japan’s 2024 level was also significantly lower than the corresponding total for 1873—over 150 years earlier, at the dawn of the Meiji era, when Japan first started gathering such numbers. And remember—fertility levels around the world are still falling.

Takeaways by Macro Roundup® AI

  1. Japan’s 686,000 births in 2024 represent barely one-quarter of the 1947 peak of 2.7 million and fall below the country’s 1873 baseline, erasing more than 150 years of demographic growth.
  2. Fertility decline across developed economies has returned birth totals to pre-industrial levels, and the trajectory continues to fall.

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