The NYT gives us yet another crisis story about declining congestion and pollution in Italy. You guessed it -- fewer children and falling population. According to the article, economists say that communities will struggle to find people for certain jobs like ambulance drivers or police officers. It sounds more like Italy has a shortage of well-trained economists. If they raise the pay for these occupations, I am sure that they will be able to find the necessary workers. There is no reason that a society and economy should not be able to thrive in a period of declining population. I look forward to my beachfront property in Italy, which will no doubt be very cheap because there will be no one in Italy who wants it.
--Dean Baker
