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Population Aging, Productivity, and Growth in Living Standards

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Author Info
William Scarth
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://socserv2.socsci.mcmaster.ca/~sedap/p/sedap90.pdf
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Publisher Info
Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 90.

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Length: 25 pages
Date of creation: Jan 2003
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Handle: RePEc:mcm:sedapp:90

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Related research
Keywords: productivity; population aging;

Find related papers by JEL classification:
E27 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped

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  1. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-47, April. [Downloadable!] (restricted)
    Other versions:
  2. Søren Nielsen, 1994. "Social security and foreign indebtedness in a small open economy," Open Economies Review, Springer, vol. 5(1), pages 47-63, March. [Downloadable!] (restricted)
  3. Frank T. Denton & Byron G. Spencer, 1997. "Population, Labour Force and Long-term Economic Growth," Quantitative Studies in Economics and Population Research Reports 336, McMaster University.
    Other versions:
  4. 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. [Downloadable!] (restricted)
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  5. 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. [Downloadable!] (restricted)
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