I think the best case long term scenario is population stability.
We need to start focusing on figures per capita
Even per capita figures are distorted by the fact that naturally declining populations imply ageing populations. So even in a technologically improving society where output per worker was increasing, per capita figures could decrease.
To be clear I don't think Japanification is inherently bad - individual quality of life can still improve despite unflattering macroeconomic numbers. But it still involves tradeoffs.
Comments
I think the best case long term scenario is population stability.
Even per capita figures are distorted by the fact that naturally declining populations imply ageing populations. So even in a technologically improving society where output per worker was increasing, per capita figures could decrease.
To be clear I don't think Japanification is inherently bad - individual quality of life can still improve despite unflattering macroeconomic numbers. But it still involves tradeoffs.