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Endogenous Longevity and Economic Growth

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Author Info
Jocelyn E. Finlay () (PGDA, Harvard School of Public Health)

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Abstract

In a two period overlapping generations model of endogenous longevity and economic growth, individuals choose to invest in health and education. The investments are costly in terms of foregone first period consumption and the benefit is in the second period where health has the effect of increasing the probability of survival, and education investment will bring higher income. These investments are risky as survival through period two, when the payoffs can be had, is not certain. Individuals with varying degrees of risk aversion will choose the ordering in which they invest in health and education. It is only when investment in education is achieved that an economy will experience endogenous growth.

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Publisher Info
Paper provided by Program on the Global Demography of Aging in its series PGDA Working Papers with number 0706.

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Date of creation: Sep 2006
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Handle: RePEc:gdm:wpaper:0706

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Keywords: Endogenous Longevity; Endogenous Growth; Health; Risk;

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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. Rosenzweig, Mark R, 1990. "Population Growth and Human Capital Investments: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S38-70, October. [Downloadable!] (restricted)
  2. Ehrlich, Isaac & Lui, Francis, 1997. "The problem of population and growth: A review of the literature from Malthus to contemporary models of endogenous population and endogenous growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 205-242, January. [Downloadable!] (restricted)
  3. Shankha Chakraborty & Mausumi Das, 2003. "Mortality, Fertility and Child Labor," University of Oregon Economics Department Working Papers 2003-35, University of Oregon Economics Department, revised 01 Dec 2003. [Downloadable!]
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  4. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr. [Downloadable!] (restricted)
  5. Sebnem Kalemli-Ozcan, 2002. "Does the Mortality Decline Promote Economic Growth?," Macroeconomics 0212008, EconWPA. [Downloadable!]
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  6. Kalemli-Ozcan, Sebnem & Ryder, Harl E. & Weil, David N., 2000. "Mortality decline, human capital investment, and economic growth," Journal of Development Economics, Elsevier, vol. 62(1), pages 1-23, June. [Downloadable!] (restricted)
  7. Ehrlich, Isaac & Chuma, Hiroyuki, 1990. "A Model of the Demand for Longevity and the Value of Life Extension," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 761-82, August. [Downloadable!] (restricted)
  8. Zhang, Junsen & Zhang, Jie & Lee, Ronald, 2001. "Mortality decline and long-run economic growth," Journal of Public Economics, Elsevier, vol. 80(3), pages 485-507, June. [Downloadable!] (restricted)
  9. Blackburn, Keith & Cipriani, Giam Pietro, 2002. "A model of longevity, fertility and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 26(2), pages 187-204, February. [Downloadable!] (restricted)
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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. Gregory Ponthiere, 2006. "Growth, Longevity and Public Policy," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. Gilad Sorek, 2006. "Advancing Medical Technology, Aging Population, and Economic Growth," DEGIT Conference Papers c011_046, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  3. Jocelyn E. Finlay, 2007. "The Role of Health in Economic Development," PGDA Working Papers 2107, Program on the Global Demography of Aging. [Downloadable!]
  4. Bhattacharya, Joydeep & Qiao, Xue, 2005. "Public and Private Expenditures on Health in a Growth Model," Staff General Research Papers 12378, Iowa State University, Department of Economics. [Downloadable!]
  5. Weichun Chen & Merwan Engineer & Ian King, 2008. "Choosing Longevity with Overlapping Generations: To Be or Not to Be in Diamond's Model," Contributions to Macroeconomics, Berkeley Electronic Press, vol. 8(1), pages 1636-1636. [Downloadable!] (restricted)
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