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Introducing Demographic Changes in a Model of Economic Growth and Income Distribution

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  • Codrina Rada

Abstract

Unprecedented demographic changes are set to unfold in most of the industrialized world. They are relevant not only because of the diminishing pool of workers, but also because of the increasing importance of retirees as an economic class. Retirees’ consumption and saving patterns can differ considerably from those of wage earners and capitalists, as retirees tend to consume more services and save less or in fact dissave. From this perspective of changing aggregate consumption and saving patterns I argue that population aging together with existing constraints to growth and the institutional framework in place leads to a reconfiguration of income distribution and therefore to possible changes in the growth rate of the economy. Understanding how future income distribution may look like and the behavior of different economic classes, helps in designing the right policies to accommodate the demographic transition.

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Bibliographic Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2009_01.

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Length: 21 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:uta:papers:2009_01

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Keywords: population aging; income distribution and growth; Keynesian macroeconomics;

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  1. Nelson H. Barbosa-Filho & Lance Taylor, 2006. "Distributive And Demand Cycles In The Us Economy-A Structuralist Goodwin Model," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 389-411, 07.
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  5. Eckhard Hein & Lena Vogel, 2008. "Distribution and growth reconsidered: empirical results for six OECD countries," Cambridge Journal of Economics, Oxford University Press, vol. 32(3), pages 479-511, May.
  6. C. W. M. Naastepad, 2006. "Technology, demand and distribution: a cumulative growth model with an application to the Dutch productivity growth slowdown," Cambridge Journal of Economics, Oxford University Press, vol. 30(3), pages 403-434, May.
  7. Greenspan & Alan, 2003. "Aging global population: testimony before the Special Committee on Aging, U.S. Senate, February 27, 2003," Speech 21, Board of Governors of the Federal Reserve System (U.S.).
  8. Thomas R. Michl & Duncan K. Foley, 2001. "Social Security in a Classical Growth Model," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2000-15, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  9. Thomas I. Palley, 1998. "The Economics of Social Security: An Old Keynesian Perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(1), pages 93-110, October.
  10. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
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