This is more from a finance perspective than an economic one. However, and taking the stock market as an example, we can look at what might happen to equity val

This is more from a finance perspective than an economic one. However, and taking the stock market as an example, we can look at what might happen to equity valuations under our current model. Under a discounted cash flow model, free cash flow is modeled explicitly for a certain period, and then a value is calculated for the terminal year cash flow "in perpetuity." This value in perpetuity depends on, in part, a growth rate, which is usually between inflation and GDP growth. It can account for up to 50% of the value at times. Assuming population growth start to decline, and other factors such as TFP don't outweigh the decrease in labor, GDP growth will become negative and it's clear that this will have an immense downward impact on equity valuations.