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May human capital rescue the Empty Planet?

Author

Listed:
  • Boikos, Spyridon
  • Bucci, Alberto
  • Sequeira, Tiago Neves

Abstract

Evidence suggests that fertility rates are already below the replacement level in many advanced countries, meaning that population is decreasing in these regions. We build an R&D-based growth model with human capital and declining population to show that the introduction of human capital can mitigate (or overcome) the stagnation in GDP per capita that may otherwise occur. Also, our model allows us simultaneously to observe sustained economic growth combined with secular productivity stagnation.

Suggested Citation

  • Boikos, Spyridon & Bucci, Alberto & Sequeira, Tiago Neves, 2023. "May human capital rescue the Empty Planet?," Economics Letters, Elsevier, vol. 232(C).
    • Handle: RePEc:eee:ecolet:v:232:y:2023:i:c:s0165176523003774
    DOI: 10.1016/j.econlet.2023.111352
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    Cited by:

    1. Almeida, Derick & Naudé, Wim & Sequeira, Tiago Neves, 2024. "Artificial Intelligence and the Discovery of New Ideas: Is an Economic Growth Explosion Imminent?," IZA Discussion Papers 16766, Institute of Labor Economics (IZA).

    More about this item

    Keywords

    Endogenous growth; Human capital; Declining population; Empty planet; Class size-effects;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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