The fall in capital requirements

The world will use less capital. The reasons are as follows: Demand is shifting from industry to services, where capital intensity is lower; Population ageing is likely to reduce the need for housing; The world will become capital-efficient, by switching from a logic of ownership to a logic of rental (for cars, household capital goods, holiday homes, etc.); Admittedly, the need for capital in renewable energies will increase, but at the same time there will be a fall in the need for capital in fossil fuels. It therefore seems reasonable to predict a fall in global capital requirements, which will therefore lead ex ante to a situation of excess savings, and therefore ex post to persistently low real interest rates .