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I think much of the "declining birth rate" has more to do with people having children later in life than it does anything else. To compare it to the business world, something like a longer sales cycle.
When people were having many children starting at 14-16 years old, you have many many kids being born every 100 years. Now that people are having less children and waiting until 25-35 years old to start, the # of children born per 100 years is much less.
It happened very fast too. My wife's grandma had 13 siblings. Her father 9. They had 2 kids, and we have 2 kids. Pretty steep dropoff.
But developed nations can just tap into the developing world for immigrants any time they want to keep their populations in check.
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