By Sandra Gruescu
We evaluate common financial development versions targeting the connection among inhabitants growing old and fiscal progress and improve a progress version with endogenous human capital and endogenous fertility. With this version we examine the results of schooling coverage and kin coverage on monetary progress. the most end result for fiscal coverage is that schooling coverage boosts human capital and therefore fiscal progress purely within the temporary (i.e. through the transition part in the direction of the regular state). to spice up monetary progress within the long term (i.e. while the financial system has reached its regular state), it is vital to hire kin coverage as this raises either the fertility price and the time contributors spend amassing human capital. the most consequence for monetary development concept is that regular country monetary development isn't really attainable whilst inhabitants is getting old. regular nation development is simply attainable if the age constitution of the inhabitants is constant.
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Extra info for Population Ageing and Economic Growth: Education Policy and Family Policy in a Model of Endogenous Growth
E. n < 0, has a negative impact on economic growth. T h e value of t h e production elasticity /3 is important because it transfers t h e change in t h e workforce into t h e output change. Empirical studies for Germany estimate /? 7 per cent. T h e size of t h e effect of a change in t h e workforce size on economic growth is assumed t o be t h e same for a growing or a declining workforce. T h e other factor which determines economic growth is t h e growth rate of capital gK multiplied with its production elasticity a.
1. The effect of the population size L and its growth rate n on the growth rate gy, on the steady state growth rate g* and on the level of steady state research intensity ^*. a. In t h e models reviewed above t h e size of t h e population has an influence on t h e growth rate of income per capita. Positive population growth means higher growth of income per capita as t h e positive population growth entails positive growth of scientific knowledge. T h e discovery of new ideas and their subsequent transition into technological progress is t h e engine of economic growth in m a n y models of endogenous growth theory.
T h e entrepreneur invests labour to achieve a particular R & D intensity L. T O achieve t he must invest a units of labour (per unit of time). e. t h e more units of labour are invested, t h e more likely is a success. Since there are constant returns t o scale in research efforts (Grossman and Helpman (1991b, 92) an entrepreneur's probability of successful research activities is strictly proportional t o its input of units of labour in R & D . ^'^ Romer (1990a), S93. ^^ Romer (1990a), S94. Romer (1990b) shows how an increase in L can result in a reduction of research activities and therefore reduce economic growth.