Demography and economic destiny

Phillip Longman writing at Big Questions Online: “Europe’s demographic problems are not only forcing startling cutbacks in the welfare state but also are damaging the Continent’s prospects for sustained growth and economic recovery. Worse, Europe’s today is the rest of the world’s tomorrow. We have now entered a radically new phase in human affairs. Due primarily to the global decline in birthrates, such population growth as remains is mostly in the form of increasing numbers of old people. The absolute supply of children is already in steep decline, not only in Europe but even in once highly fertile places like Russia, China, Mexico, and Iran . . . Perhaps there is an economic system that can preserve prosperity even in the face of an aging, stagnating population, but it has not yet been devised.”