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Workforce Ageing And The Substitution Of Labour: The Role Of Supply And Demand Of Labour In Austria

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  • Alexia Prskawetz
  • Thomas Fent

Abstract

We study the sensitivity of projected economic productivity (output per worker) with respect to alternative projections of labour supply and alternative assumptions on the substitutability of workers at different ages. We show that in a pure labour economy assuming imperfect substitution of workers at different ages implies an increase in relative productivity during the next two decades. For a decreasing or hump-shaped age-specific productivity profile a negative tradeoff between an increasing labour force at older ages and aggregate productivity results. A decline in productivity can be attenuated by adjusting labour force participation rates to levels currently observed in Nordic countries. Copyright � 2007 The Authors; Journal compilation � 2007 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 58 (2007)
Issue (Month): 1 (02)
Pages: 95-126

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Handle: RePEc:bla:metroe:v:58:y:2007:i:1:p:95-126

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Cited by:
  1. Sandrine Levasseur, 2008. "Progrès technologique et employabilité des seniors," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 155-184.
  2. Mahlberg, Bernhard & Freund, Inga & Crespo Cuaresma, Jesús & Prskawetz, Alexia, 2013. "Ageing, productivity and wages in Austria," Labour Economics, Elsevier, vol. 22(C), pages 5-15.
  3. Frosch, Katharina & Göbel, Christian & Zwick, Thomas, 2011. "Separating wheat and chaff: age-specific staffing strategies and innovative performance at the firm level," Zeitschrift für ArbeitsmarktForschung - Journal for Labour Market Research, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 44(4), pages 321-338.
  4. Biehl, Kai & Fent, Thomas, 2007. "Vorausschätzungen für die Entwicklung der Gesamtbevölkerung und der Beschäftigung in Österreich bis 2035
    [Projections of the Development of Population and Employment in Austria until 2035]
    ," MPRA Paper 2877, University Library of Munich, Germany.
  5. Sandrine Levasseur, 2008. "Progrès technologique et employabilité des seniors," Sciences Po publications 2008-16, Sciences Po.

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