Population Aging; Inventive Activity; Panel Estimation
Abstract :
[en] This research empirically establishes and theoretically motivates the hypothesis that
population aging has a hump-shaped effect on inventive activity. We estimate this
hump-shaped relationship in a panel of 33 OECD countries over the period 1960-2012.
The increasing part of the hump captures the awareness that population aging requires
inventive activity to guarantee current and future standards of living. The decreasing
part reflects the tendency of aging societies to lose dynamism and the willingness to
take risks. Policy-wise our analysis suggests that raising the awareness of individuals
about the consequences of population aging may facilitate the adoption of strategies and
policies encouraging inventive activity and economic growth.
Disciplines :
Macroeconomics & monetary economics
Author, co-author :
Irmen, Andreas ; University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)
Litina, Anastasia ; University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)
