Macroeconomic Consequences of Ageing and Directed Technological Change. BertelsmannStiftung Studies

Kaniovski, Serguei and Url, Thomas (2019) Macroeconomic Consequences of Ageing and Directed Technological Change. BertelsmannStiftung Studies. UNSPECIFIED.

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Abstract

Macroeconomic Consequences of Ageing and Directed Technological Change Demographic projections foresee a pronounced population ageing process in the coming decades. The associated changes in quantity and quality of labour will have an impact on the long-term economic outlook. This study discusses economic implications of current demographic projections for a set of large industrialized economies, which include the largest member states of the EU, the USA and Japan, as well as Austria as an example of a small open economy. The focus of the study is the interplay between demographic and technological trends. The study extends the methodology of the European Commission’s Ageing Report by considering the effects of size and composition of the working-age population on the productivity growth and productivity effect of the ICT-intensity as a measure of directed technological change.

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