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ned about negative externalities that result from an increased percentage of elderly people in a nation's population. Judging by Medicare, the elderly are already able to use their voting power to extract vast subsidies for their medical care that would be more productive in other uses. This misallocation is likely to grow as the elderly become a larger and larger fraction of the voting population. Even if net well-being is likely to decrease rather than increase in the years ahead, it can be argued that the effect on total well-being will be offset by population growth. Suppose average utility for 6 billion people is 2, and for 10 billion is 1.5; then total utility is greater in

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