Seriously, this is a topic of a major article in the paper. The story is that low birth rates over the last four decades mean that fewer people will be entering the labor force and this is supposed to be really bad news.
"The declining population could create an even greater burden on China’s economy and its labor force. With fewer workers in the future, the government could struggle to pay for a population that is growing older and living longer.
"A decline in the working-age population could also slow consumer spending and thus have an impact on the economy in China and beyond.
"Many compare China’s demographic crisis to the one that stalled Japan’s economic boom in the 1990s."
The overwhelming majority of China's extraordinary growth over the last four decades has been due to increased productivity, not more workers in the workforce.Substitution of capital for labor results in increased productivity through technology and higher levels of knowledge and skills. The world is automating and robotizing.
The challenge won't be that there are not enough people but rather that there won't be enough paid work for all the people in an economic system in which income is dependent on paid work.
Beat the Press
The NYT Is Worried that China Is Running Out of People
Dean Baker | Co-director of the Center for Economic and Policy Research in Washington, D.C
All the Fake News That's Fit to Print.
ReplyDeleteYesterday that stinking pile of shit had an "article" listing Trump's communications with Putin as president, and used them to accuse him of being a treasonous puppet.
Example: Trump congratulated Putin on winning the Russian election despite an aide's written note saying DON'T CONGRATULATE HIM!
As if the President of the US isn't allowed to talk to other world leaders.
The challenge won't be that there are not enough people but rather that there won't be enough paid work for all the people in an economic system in which income is dependent on paid work. Tom Hickey
ReplyDeleteWhereas an ethical finance model would not have reduced so many people to wage-slavery in the first place. Instead, productivity gains would have been much more broadly SHARED resulting in a much more EQUITABLE society with far fewer wage slaves.
It's strange that Progressives use the words SHARE and EQUITY without realizing that without government privileges for private credit creation, common stock would have been much more used to finance progress with the result of a much more just society without sacrificing much in the way of performance when one considers the boom-bust cycles, wars and revolutions that might have been avoided.
Concerning wisdom:
Long life is in her right hand;
In her left hand are riches and honor.
Her ways are pleasant ways
And all her paths are peace.
She is a tree of life to those who take hold of her,
And happy are all who hold her fast. Proverbs 3:16-18 New American Standard Bible (NASB) [bold added]