CEDA has played its role in informing discussion and debate along the way. Two years ago, when I last addressed this group, optimism was anything but the order of the day. 2 The global financial system was in serious disarray and the global economy was heading into recession.
On the demand side of capital stock in the process of the ageing population, the decreasing working-age population leads to diminished demand for productive investment, because the capital stock required to maintain the capital equipment per worker decreases.