Falling birth rates have governments worldwide in a state of panic. From Brussels to Tokyo to Beijing, policymakers are scrambling to reverse fertility decline, yet expensive pro-natal programs in countries such as South Korea and Hungary have delivered little results. To be clear, serious analysts do not claim that population decline mechanically produces economic collapse. But demographic aging does create real fiscal, labor-market, and growth headwinds. The more productive question is not whether demography matters, but which policy frameworks allow societies to adapt successfully to it. China and Singapore suggest that institutional design shapes how demographic pressures play out. Despite...