13. The Labor Market

Economists can say little about population and its size, despite the gloomy views of Malthus. More people are a good thing because of the division of labor. Living standards are higher when populations are higher. Living standards are higher when populations are denser. When people voluntarily reduce births, average population age rises. Many of the poorest areas of the world are low density, e.g. Africa and interior Brazil.

Part 13 of 14. Presented in 1986 at New York Polytechnic University.