Demographics and population
We’ve recently looked at a famously wrong economic prediction based on an accurate demographic forecast, Japan’s experience with rapid aging, and the dangers of relating household demographics to asset price valuations. Suppose, even after reading those posts, you still agree with Alan Greenspan (and Toby Nangle, Charles Goodhart, etc) that slowing growth in the world’s working-age population necessarily implies a bigger share of output headed to workers and faster rates of inflation. Don’t worry. There are even more reasons for scepticism.