In order to measure something, you need a larger sample size. The share of kids becoming career NHL guys is so tiny, you can't measure the efficiency of an entire system based on whether it has produced 1, 2 or 5 NHL-tier players during the last 5 or 10 years. If you're implying that Denmark is consistently producing more talent, that's simply not true. If they would be producing more talent, we would have to see it all across the board and it would have to show in the number of NHL draftees, number of major junior players, number of pro players and so forth. Those numbers do not reflect that. You also have to account for guys like Ehlers, who played hockey in Switzerland since he was a small kid, and Denmark had virtually no role in his development.You totally glossed over my example of Denmark. They have roughly the same numbers we do yet they have like what 6-7? decent NHLers with one superstar in Ehlers and number 1 goalie in Andersen. Now thats efficiency. As opposed to us crancking out nobodies like Razgals and Skvorcovs- these guys should be nowhere near our NT and yet here we are.
As for demographics- those things can change as the average income grows we will probably see increased immigration from poorer countries like Ukraine and Moldova(which is already happening and will only increase) aswell as some of our compatriots living abroad will probably return aswell, so im personally not that worried.
Denmark has about a 1/4 more kids playing hockey. Denmark also possesses a massive comparative advantage due to geographic proximity to Sweden. They're also very close culturally. They can communicate with each other in Danish or Swedish. If I was a Dane living in Copenhagen, my kid would be playing in Malmo - a city in a country with the most efficient hockey system on the planet. It's a 48 minute drive away. Actually, if you'd look up Danish prospects, that's what a lot of them do. Replicating that is impossible whoever leads the LHF.
And with all those advantages, there is no indication they're more efficient than us, especially if we're talking about depth.
It's highly likely the current surge of players from Denmark in the NHL is a statistical outlier and a fluke.
There are also several other factors in play, which are not related to efficiency at all. The NHL is not the end-all and be-all for every hockey player. There are plenty of examples of NHL-tier players making a decision to return home in order to play a leading role instead of being a 3rd liner on a bottom feeder team. Choosing a different indicator, such as the number of NHL draftees or the number of pro players, would make more sense.
Another major factor in the case of Latvia is the KHL. The Kremlin has a team based in Riga. It uses its oil money to artificially prop up a Latvian team in the league for political reasons. This has led to a completely unnatural situation and crippled the market. Mediocre players and young decent prospects alike all have guaranteed contracts and ridiculous wages. I'm not sure if you're old enough to remember how things were before the KHL, but as of now the incentive for young players to try to reach the NHL is very limited. Why would they do that, if they have a lucrative contract already? Why would they put their livelihoods at risk? Why would they grind their way through the AHL, if they're receiving juicy offers from Dinamo Riga? And if they snub their Kremlin bosses, they're not going to make it in the KHL. And they're paying less in Czech Extraliga.
As for demographics, it doesn't have a lot to do with income. It's a postmodernist trend all across the Western world, it's just that it's even worse in Latvia due to emigration. And if you're not worried about it, you have to put your thinking cap on. If the pool of available kids decreases by 30%, the number of pro players will decrease accordingly. Ukrainians and Romanians couldn't care less about hockey.