It's interesting that the same dynamic is playing out on a much larger scale with children. A child is far more helpless than a junior engineer - at least a junior engineer can feed themselves, wipe their own butt, avoid destroying the room, and generally keep themselves alive. Everybody wants to offload the cost of raising children to parents, because the economic benefits aren't realized for 25+ years yet the costs are very substantial (frequently, at least one parent's full-time attention, costing them an income). Prospective parents are saying "fuck that shit" and simply choosing not to have children.
The long-term effects are going to be much like the effect of the software industry turning away from juniors: total collapse. When you have no workforce, you'll do no work - hell, there is just...nothing, nonexistence, no consumers either. But the fertility bust operates on a longer timescale (I think the software industry will start feeling the dearth of juniors in ~5 years, the economy as a whole won't feel the dearth of children for ~5), and it's far more fundamental. Rather than one industry disappearing, all industries will disappear, likely refactored into something that looks far different.
It also reminds me of those ecological predator/prey/locust models that I studied in calculus class, where population dynamics for many species have a tendency to overshoot the carrying capacity of the environment. Each individual in the population makes their own reproductive & survival decisions, but the sum total of them leads to population collapse and a near total extinction, followed by recovery once the survivors find resources abundant again.
The long-term effects are going to be much like the effect of the software industry turning away from juniors: total collapse. When you have no workforce, you'll do no work - hell, there is just...nothing, nonexistence, no consumers either. But the fertility bust operates on a longer timescale (I think the software industry will start feeling the dearth of juniors in ~5 years, the economy as a whole won't feel the dearth of children for ~5), and it's far more fundamental. Rather than one industry disappearing, all industries will disappear, likely refactored into something that looks far different.
It also reminds me of those ecological predator/prey/locust models that I studied in calculus class, where population dynamics for many species have a tendency to overshoot the carrying capacity of the environment. Each individual in the population makes their own reproductive & survival decisions, but the sum total of them leads to population collapse and a near total extinction, followed by recovery once the survivors find resources abundant again.