MplsGopher
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Life in the 2020s: Slower growth will be the new normal in Minnesota
The accumulated effects of previous growth rates will widen the gap between slow growers like Minnesota and fast ones like Texas and California.
www.startribune.com
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Minnesota’s location has long created a population challenge. Since the start of the 20th century, Minnesota’s population grew at a faster rate than the nation’s in only one decade — the 1930s. Long winters dampen the state’s appeal to people from elsewhere in the U.S. Its distance from the coasts has meant relatively fewer immigrants.
In the 2020s and beyond, the accumulated effects of previous growth rates will widen the gap between slow growers like Minnesota and fast ones like Texas and California.
“We have this mind-set that there’s eternal growth, it’s ever expanding, and now we’re coming to a period where it’s not,” said Susan Brower, the Minnesota state demographer.
“What does that mean, not just to public budgets, but to economic growth in general?” Brower asked. “The only place I can head with this is there’s stuff we don’t need to be making or doing anymore. How do we shift people into more productive jobs?”
Economic growth is shaped by additions of people, resources and productivity. Fast growth is an elixir in society, creating wealth that makes it easier to get over mistakes.
“It lubricates things. When you start to get low growth, you start to get friction, just like in an engine,” Johnston said.
When growth slows, people tend to preserve wealth rather than taking risks to create more of it.
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The overall growth of the world's economy always comes down to growth in population. Every job you can think of, ultimately comes down to existing because people need to live and want things. Thus, as the world's population inevitably stops growing, there will no longer be any intrinsic reason for the world's economy to grow overall. There's no reason to produce more of anything than the amount we were already producing, if there will be no increase in the consumption for it. (Unless you're just making more in order to burn it or bury it in a hole)
Population growth then will be limited to local growths. Attracting more people to move into some locality, for some reasons, from elsewhere.
