> A smaller population living well is economically indistinguishable, in the aggregate, from a large one living poorly
I'm sceptical of this claim. Young people and old people are biologically different, in the aggregate. Obvious differences in physical capabilities aside, arguably even more impactful for the future of a given nation are their psychological differences; i.e. innovation and risk-taking invariably comes more from the younger generations.
Perhaps if you're only considering dollars being circulated in a domestic economy, an abundance of wealthy old folks can potentially offset the lack of youthful societal members. But the developmental direction such a demographic structure pushes its society is unlikely to be good for sustaining itself in the long run.
I'm sceptical of this claim. Young people and old people are biologically different, in the aggregate. Obvious differences in physical capabilities aside, arguably even more impactful for the future of a given nation are their psychological differences; i.e. innovation and risk-taking invariably comes more from the younger generations.
Perhaps if you're only considering dollars being circulated in a domestic economy, an abundance of wealthy old folks can potentially offset the lack of youthful societal members. But the developmental direction such a demographic structure pushes its society is unlikely to be good for sustaining itself in the long run.