Demographic Change, Technological Advances, and Growth: A Cross-Country Analysis
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This paper revisits the impact of population aging on economic growth and explores how technological advancement affects this relationship.
The empirical analysis suggests that a growing share of older people combined with a shrinking working-age population lowers economic growth. The paper also finds that technological advancement and adoption help older cohorts contribute more to growth. Increased life expectancy and labor productivity also help older age-groups contribute to growth, while higher robot density narrows the difference between older and younger people’s contributions to growth. Improved total factor productivity enhances the growth contribution of people aged 50 and above.