In the Globe and Mail, columnist Harvey Schachter has reviewed the new book by MLI senior fellow Linda Nazareth, titled Economorphics. As Schachter explains, "Nazareth coined the term to encompass the themes of economics, demographics and change" that will create a very different world from the one most Canadians grew up in.
Schachter continues: "The most significant trend is that the so-called demographic window is being shut in the developed world, including Canada and the United States. The window is open when the percentage of the population under the age of 15 is below 30 per cent and the percentage over the age of 65 is below 15 per cent. That demographic balance powers growth, as the labour force can easily handle the younger and older people dependent upon them.
Ms. Nazareth says the sweet spot is when a country moves from an era of high birth rates and declining death rates to a period of declining birth rates and still-declining death rates. The labour force is expanding more quickly than the youth dependent on it, more money is being paid in taxes, less money is going to education, relatively speaking, and economic expansion is likely."
Nazareth is also the author of the recent MLI commentary paper, "How to open economic doors when Canada's demographic window closes" which is based on her findings in Economorphics.
Schachter's review of the book is very positive. He concludes that Nazareth's "writing is clear, neatly bringing a wealth of information to the reader. For business people who have to keep on top of global currents or average citizens intrigued by economics, demographics and change, this book with the strange name will be helpful reading".
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