Claudia Goldin joins Steven Davis to discuss the “The Downside of Fertility,” her essay presented at the 2025 Jackson Hole Economic Policy Symposium. She offers an explanation for why fertility rates fell around the world as women gained greater agency in multiple domains (marriage, reproduction, education, labor markets). When women gain agency, Goldin argues that a “mismatch” between men and women in their expectations about child-rearing responsibilities leads to lower fertility. She also argues that this form of mismatch is more acute in the wake of sustained, rapid economic development, as women pursue newfound opportunities while many men cling to traditional views about marriage and child rearing. RELATED SOURCES “The Downside of Fertility” by Claudia Goldin, 2025. Claudia Goldin, Official Nobel Prize Interview, 2023. The Population Bomb by Paul Ehrlich, 1968 The Vorkosigan Saga, a series of science fiction novels by Lois McMaster Bujold in which artificial wombs profoundly influence human reproduction and the nature of society. RELATED EPISODES “Two Parents or One? What It Means for Children and Society” with Melissa Kearny on Economics, Applied, 8 May 2024. “Engaged Fathers, Flourishing Children” with Brad Wilcox and Ian Rowe, 20 August 2025. ABOUT ECONOMICS, APPLIED Economics, Applied brings together top leaders and researchers to break down key economic developments, offering evidence-based insights and practical lessons for navigating today’s economy. Economic change is constant. Subscribe to keep up: hoover.org/podcasts/economics-applied.