Abstract :
[en] Does population aging and the associated increase in the old-age dependency ratio affect
<br />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.
Name of the research project :
Agecon C - Population Aging: An Exploration of its Effect on Economic Performance and Culture
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