Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation
By: Acemoglu, Daron
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Material type: 
BookSeries: NBER Working Paper SeriesNo. 23077. Publisher: Cambridge, MA National Bureau of Economic Research 2017Description: 11p.Subject(s): Aging | Automation | Demographic change | Directed technological change | Economic growth | Robots | Secular stagnation | NBEROnline resources: Click here to access online Summary: Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the lower labor force participation and productivity of older workers or because aging will create an excess of savings over desired investment, leading to secular stagnation. We show that there is no such negative relationship in the data. If anything, countries experiencing more rapid aging have grown more in recent decades. We suggest that this counterintuitive finding might reflect the more rapid adoption of automation technologies in countries undergoing more pronounced demographic changes, and provide evidence and theoretical underpinnings for this argument.
| Item type | Current location | Call number | URL | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|---|---|
| Electronic Media | Library Electronic | Electronic media (Browse shelf) | ftp://ftp.ips.lk/ebooks/Health/SecularStagnation.pdf | Available |
Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the lower labor force participation and productivity of older workers or because aging will create an excess of savings over desired investment, leading to secular stagnation. We show that there is no such negative relationship in the data. If anything, countries experiencing more rapid aging have grown more in recent decades. We suggest that this counterintuitive finding might reflect the more rapid adoption of automation technologies in countries undergoing more pronounced demographic changes, and provide evidence and theoretical underpinnings for this argument.
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