If demography is destiny, HK's home prices foretell an evil fate
The city's high land prices and property cartels must come to an end because only then can an expanding population raise productivity
Demography, it is often said, is destiny.
Demographic trends have certainly played a major role in driving Asia's economic growth over recent decades.
Cleaner water supplies and the provision of basic healthcare meant far more babies survived to reach adulthood. At the same time, better schooling meant more children - and many more girls - received an education.
The result a few years down the line was a much bigger and more productive workforce.
Bigger workforces boosted economic output in their own right. But there was also a powerful multiplier effect.
Better educated and richer families tend to have fewer babies. As a result women spent less time looking after their children and more time working.