Reference : Capital- and Labor-Saving Technical Change in an Aging Economy
Scientific journals : Article
Business & economic sciences : Macroeconomics & monetary economics
Sustainable Development
http://hdl.handle.net/10993/30655
Capital- and Labor-Saving Technical Change in an Aging Economy
English
Irmen, Andreas mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA) >]
2017
International Economic Review
Blackwell Publishing
58
261-285
Yes (verified by ORBilu)
International
0020-6598
1468-2354
[en] Population Aging ; Demographic Transition ; Capital Accumulation ; Endogenous Technical Change ; Capital- and Labor-Saving Technical Change ; Direction of Technical Change
[en] Does population aging and the associated increase in the old-age dependency ratio affect
economic growth ? The answer is given in a novel analytical framework that allows for population
aging to affect endogenous capital- and labor-saving technical change. In steady state capital-saving technical progress vanishes, and the economy’s growth rate of per-capita variables reflects only labor-saving technical change. The mere possibility of capital-saving technical change is shown to imply that the economy’s steady-state growth rate becomes independent of its age structure: neither a higher life-expectancy nor a decline in fertility affects economic growth in the long run.
Researchers ; Professionals ; Students
http://hdl.handle.net/10993/30655

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