In a wide-ranging interview, Kevin Murphy talks about rational addiction, the value of longevity gains, and gives us a glimpse of some future work he and Gary Becker might eventually deliver: thinking about trends in fertility in advanced countries.
Lowest-low fertility, like the total fertility rate of around 1.3 births per woman in Japan, is something that demographers have tried to understand for quite some time. The demographic transition experienced by developing countries with high fertility is much better understood.
