not sure how well the avg young person is learning how to operate this durable capital though

Another aspect is that durable capital per person increases, so there are productivity gains (until things fall apart and can't be repaired/replaced).

Undisciplined

 (can't extend trade as deeply), and the 

PAYG systems via public provision obviously dies

 -- but the underappreciated aspect is that private savings via assets (real estate, stock markets) 

 falls apart (= no buyers, or rather more dissavers -- luxury boomers consuming -- than savers)

AskSN

econ

What really happens when birth rates continue to collapse?

stack_harder

**fewer innovations** (the genius effect), lower **division of labor/specialization** (can't extend trade as deeply), and the **PAYG systems via public provision obviously dies** -- but the underappreciated aspect is that private savings via assets (real estate, stock markets) *also* falls apart (= no buyers, or rather more dissavers -- luxury boomers consuming -- than savers)