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A Politico-Economic Model of Aging, Technology Adoption and Growth

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Author Info
Giovanni Prarolo (University of Bologna and Fondazione Eni Enrico Mattei)
Francesco Lancia (University of Bologna)

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Abstract

Over the past century, all OECD countries have been characterized by a dramatic increase in economic conditions, life expectancy and educational attainment. This paper provides a positive theory that explains how an economy might evolve when the longevity of its citizens both influences and is influenced by the process of economic development. We propose a three periods OLG model where agents, during their lifetime, cover different economic roles characterized by different incentive schemes and time horizon. Agents’ decisions embrace two dimensions: the private choice about education and the public one upon innovation policy. The theory focuses on the crucial role played by heterogeneous interests in determining innovation policies, which are one of the keys to the growth process: the economy can be discontinuously innovation-oriented due to the different incentives of individuals and different schemes of political aggregation of preferences. The model produces multiple development regimes associated with different predictions about life expectancy evolution, educational investment dynamics, and technology adoption policies. Transitions between these regimes depend on initial conditions and parameter values.

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Publisher Info
Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2007.48.

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Date of creation: Apr 2007
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Handle: RePEc:fem:femwpa:2007.48

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Related research
Keywords: Growth; Life Expectancy; Human Capital; Systemic Innovation; Majority Voting;

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Find related papers by JEL classification:
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
J10 - Labor and Demographic Economics - - Demographic Economics - - - General
O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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