So instead of writing my own thoughts because I was feeling lazy, I asked chatGPT.
Assuming that the technological level is similar to what we have today, a world population of one million would likely lead to a much smaller and less complex economy compared to the present. With fewer people, there would be less demand for goods and services, and less need for complex supply chains, logistics, and infrastructure. This could lead to a simpler and more localized economy, with most production and consumption taking place within small communities.
At the same time, there would likely be a higher degree of self-sufficiency and sustainability, with a greater emphasis on resource conservation and environmental protection. With fewer people consuming resources, there would be less pressure on the planet's natural systems, which could lead to a more balanced and resilient economy in the long term.
It's worth noting that the distribution of wealth and power within a population of one million would also play a significant role in shaping the economy. If there were significant disparities in income and access to resources, this could lead to economic inequality and social unrest. On the other hand, if wealth and resources were distributed more evenly, this could lead to a more stable and equitable economy.
Overall, it's difficult to predict exactly how the world economy would function with a population of one million, but it's likely that it would be much simpler and less complex than the present, with a greater emphasis on sustainability and self-sufficiency.