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Longevity and Lifetime Labour Input: Data and Implications

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Author Info
Hazan, Moshe

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Abstract

The Ben-Porath (1967) mechanism suggests that prolonging the period during which individuals may receive returns on their investment spurs investment in human capital and causes growth. An important, albeit implicit implication of this mechanism is that the total labour input over a lifetime must increase as longevity does. Otherwise, the incentive to invest in education would not increase. We propose an empirical evaluation of the relevance of this mechanism to the transition from 'stagnation' to 'growth' in today’s developed economies. Specifically, we estimate the expected total lifetime working hours of consecutive cohorts of American men born between 1840 and 1970. Our results show that despite a gain of more than 15 years in life expectancy at the age 5, the expected total lifetime working hours have declined by more than 20 percent between the oldest and youngest cohorts. Furthermore, the similarity in the trends and the magnitudes of the determinants of total lifetime labour input between the US and many European countries suggest that our result is not confined to the US experience; rather, it is a robust feature of the process of development. We conclude that the Ben-Porath mechanism has had no effect on the accumulation of human capital during the growth process of the nineteenth and twentieth centuries.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5963.

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Date of creation: Nov 2006
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Handle: RePEc:cpr:ceprdp:5963

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Keywords: hours worked human capital longevity

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Find related papers by JEL classification:
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David de la Croix & Omar Licandro, 2008. "The Child is Father of the Man: by Implications for the Demographic Transition," Working Papers 2008-04, FEDEA. [Downloadable!]
  2. de la Croix, David & Licandro, Omar, 2007. "‘The Child is Father of the Man:’ Implications for the Demographic Transition," CEPR Discussion Papers 6493, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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