Demographic theory aims at explaining how population systems regulate themselves given available resources. Population ethics is concerned with demography in the sense that the analytical objects of interest are births, deaths, and populations. However, demographic theory which explores theoretically when, how and why populations grow, based on empirically observed patterns, has up until now played a minor role in population ethics. Similarly, debates about population dynamics among demographers have seldom been concerned with ideas and concepts in population ethics. In this manuscript, I will give a brief outline of how population size, population growth, and welfare mutually affect each other. Theories on the endogeneity between population size, population growth, and welfare will be referred to as demographic theory. I will give a particular focus on how population growth responds with respect to welfare, as welfare, utility, well-being, and happiness are important concepts in population ethics. A key concept in demographic theory is population homeostasis (the dynamics of a system which maintains a population at a steady population size, or growth rate), in particular resource dependent homeostasis. I will also discuss demographic theory in relation to historical and future demographic change. This working paper was later published in Oxford Handbook of Population Ethics, and is available at https://osf.io/preprints/socarxiv/at5pj/