@SteveRoth Interesting! But is that inflationary or deflationary? The most straightforward intuition is that a rising dependency ratio is inflationary: everyone consumes, but fewer produce, prices must rise until only the fewer goods and services can be purchased. But empirically, population aging in eg Japan and Germany has been more disinflationary than inflationary, the reduced activity of older people diminishing demand more than the loss of supply from their retirements.