Reference : Capital- and Labor-Saving Technical Change in an Aging Economy

	Document type :	Scientific journals : Article
	Discipline(s) :	Business & economic sciences : General economics & history of economic thought
	Focus Areas :	Sustainable Development
	To cite this reference:	http://hdl.handle.net/10993/22966

Title :	Capital- and Labor-Saving Technical Change in an Aging Economy
Language :	English
Author, co-author :	Irmen, Andreas [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA) >]
Publication date :	2016
Journal title :	International Economic Review
Publisher :	Blackwell Publishing
Volume :	58
Pages :	261-285
Peer reviewed :	Yes (verified by ORBilu)
Audience :	International
ISSN :	0020-6598
e-ISSN :	1468-2354
Keywords :	[en] Population Aging ; Demographic Transition ; Capital- and Labor-Saving Technical Change ; Capital Accumulation ; Endogenous Technical Change ; Direction of Technical Change
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.
Research centres :	CREA
Funders :	University of Luxembourg - UL
Name of the research project :	Agecon C - Population Aging: An Exploration of its Effect on Economic Performance and Culture
Target :	Researchers ; Professionals ; Students
Permalink :	http://hdl.handle.net/10993/22966
	also: http://hdl.handle.net/10993/30655

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