For years together, people talked about the 'demographic dividend'. Thanks to high fertility ratios in the past, a large number of young people would be entering the workforce, and we as yet don't have a very large aged population, so the ratio of workers to non-workers would be favourable. It would boost economic activity and taxes, and allow us to make investments in many public goods and services. This was not a bad picture to paint. But it had one important assumption - namely, that the young people entering the workforce would be skilled and productive. But we totally missed…
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