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Population Aging, Productivity, and Growth in Living Standards

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  • William Scarth
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    Abstract

    Population aging creates both a problem (higher taxes on a small group of workers to finance higher public pension and health care costs) and automatic adjustments that help to address that problem. The prospect of longer retirement involves an increased incentive to invest in physical capital, and labour scarcity leads to higher pre-tax wages and an increased incentive to invest in human capital. Thus, productivity growth can be favourably affected by aging. The likely empirical magnitude of this beneficial effect is assessed in this paper.

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    File URL: http://socserv.mcmaster.ca/qsep/p/qsep380.pdf
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    Bibliographic Info

    Paper provided by McMaster University in its series Quantitative Studies in Economics and Population Research Reports with number 380.

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    Length: 20 pages
    Date of creation: Feb 2003
    Date of revision:
    Handle: RePEc:mcm:qseprr:380

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    Keywords: productivity; population aging;

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    1. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
    2. Frank T. Denton & Byron G. Spencer, 1997. "Population, Labour Force, and Long-term Economic Growth," Independence and Economic Security of the Older Population Research Papers 25, McMaster University.
    3. J. C. Herbert Emery & Ian Rongve, 1999. "Much Ado About Nothing? Demographic Bulges, The Productivity Puzzle, And Cpp Reform," Contemporary Economic Policy, Western Economic Association International, vol. 17(1), pages 68-78, 01.
    4. Michael B. Devereux & David R. F. Love, 1994. "The Effects of Factor Taxation in a Two-Sector Model of Endogenous Growth," Canadian Journal of Economics, Canadian Economics Association, vol. 27(3), pages 509-36, August.
    5. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    6. Søren Nielsen, 1994. "Social security and foreign indebtedness in a small open economy," Open Economies Review, Springer, vol. 5(1), pages 47-63, March.
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