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Joined 2 years ago
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Cake day: June 9th, 2023

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  • There are a lot of problems with that. First of all just looking at the elderly is a problem. There are also children, which do cost a society quite a lot of resources. With a low birth rate that group is becoming smaller and smaller. Right now that dependency ratio is at 41.43%. That is actually incredibly low. The US is at 53.88% and Japan is at 69.94%. That is dependent person per worker.

    Then the assumption of not keeping up with certain services. Although that is true, there is another site to it the video completely ignores. The population is shrinking and the country has a lot of high quality infrastructure. That means low housing prices, as they are already built. No need to built new railways, streets, sewage systems and the like.

    That also goes for the economy. Constant worker shortages, mean the most competitive companies will pay the highest wages and out compete weaker ones. Therefore the average worker will become more competitive.

    One important thing here is that South Korea has an incredibly low fertility rate. 2.1 is replacement level. So 0.7 means each generation is 2/3 smaller then the previous one. However most places in the world are above 1.4, which would just mean 1/3 less people per generation, which makes it a lot more manageable. Also again migration. The world is still above replacement level of 2.1.