In more than half of the world's countries, the number of babies being born has fallen below the replacement rate. For the next generation, that means living in a less-populous country than their parents—and that gives birth to some big problems. Not only will the bill for their ageing parents’ care be shared between fewer people, but there will be a smaller pool of potential entrepreneurs and innovators to create jobs and come up with big ideas for society.
On this week’s podcast, hosts Mike Bird, Alice Fulwood and Tom Lee-Devlin ask whether shifting demographics are pushing the world towards the mother of all economic slumps.
Matthias Doepke, a professor at London School of Economics, warns there is no quick fix. Demographics expert James Liang, explains how a shrinking population stifles innovation.
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