| 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  [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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