Population Aging, Productivity, and Growth in Living Standards
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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- 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.
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"Much Ado About Nothing? Demographic Bulges, The Productivity Puzzle, And Cpp Reform,"
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- 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 509-536, August.
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