Aging and growth: can automation outpace falling labor supply, reduced dynamism, and fewer innovations?

Andrew Glover and José Mustre-del-Río

Chapter 9 in Handbook on Labour Markets in Transition, 2024, pp 176-186 from Edward Elgar Publishing

Abstract: Whether and by how much aging reduces economic growth depends largely on how much productivity growth can offset the fall in hours worked per capita due to older workers’ lower labor supply. We review recent papers on how aging has affected both hours per worker and productivity growth in recent decades. We outline the economic mechanisms through which these effects occur, highlight mitigating factors that may change the relationship between aging and growth in coming decades, and discuss how and whether policy should play a role. There are still many open questions in the literature, especially how recent developments in automation through artificial intelligence will affect the relationship between aging and productivity.

Keywords: Economics and Finance; Sociology and Social Policy (search for similar items in EconPapers)
Date: 2024
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