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Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation
Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase ...
Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results
Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this ...