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Imitation Versus Innovation In An Aging Society: International Evidence Since 1870

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  • James B. Ang
  • Jakob B. Madsen

Abstract

The budgetary implications of an aging population in the OECD are often considered dire. This study argues that this need not be the case provided that older educated workers are more innovative than their younger counterparts, and that workers with tertiary education stay in the labor force until their 60s. Using a panel of 21 OECD countries over the period 1870-2009, this paper estimates the productivity growth effects of education for different age groups, through the channels of innovation and imitation. The results show that educated workers are highly innovative and that the propensity to innovate increases sharply with age.

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File URL: http://www.buseco.monash.edu.au/eco/research/papers/2012/4512imitationangmadsen.pdf
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Bibliographic Info

Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 45-12.

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Length: 29 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:mos:moswps:2012-45

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Postal: Department of Economics, Monash University, Victoria 3800, Australia
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Web page: http://www.buseco.monash.edu.au/eco/
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Related research

Keywords: productivity growth; human capital; age structure;

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  1. James B. Ang & Jakob B. Madsen, 2011. "Can Second-Generation Endogenous Growth Models Explain the Productivity Trends and Knowledge Production in the Asian Miracle Economies?," The Review of Economics and Statistics, MIT Press, vol. 93(4), pages 1360-1373, November.
  2. James B. Ang & Jakob B. Madsen, 2013. "International R&D Spillovers And Productivity Trends In The Asian Miracle Economies," Economic Inquiry, Western Economic Association International, vol. 51(2), pages 1523-1541, 04.
  3. Ang, James B. & Madsen, Jakob B. & Rabiul Islam, Md., 2011. "The effects of human capital composition on technological convergence," Journal of Macroeconomics, Elsevier, vol. 33(3), pages 465-476, September.
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