A Politico-Economic Model of Aging, Technology Adoption and Growth

1. Person: Prarolo, Giovanni
Weitere Personen: Lancia, Francesco
Format: Online-Artikel
Sprache: English
Veröffentlicht: Fondazione Eni Enrico Mattei (FEEM) 2007
Serien: Nota di Lavoro
Schlagworte: Sterblichkeit
Alternde Bevölkerung
Overlapping Generations
Human capital
Overlapping generations
Technology policy
OECD countries
Online Zugang: https://www.econstor.eu/bitstream/10419/73980/1/NDL2007-048.pdf
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Details: Over the past century, all OECD countries have been characterized by a dramatic increase in economic conditions, life expectancy and educational attainment. This paper provides a positive theory that explains how an economy might evolve when the longevity of its citizens both influences and is influenced by the process of economic development. We propose a three periods OLG model where agents, during their lifetime, cover different economic roles characterized by different incentive schemes and time horizon. Agents’ decisions embrace two dimensions: the private choice about education and the public one upon innovation policy. The theory focuses on the crucial role played by heterogeneous interests in determining innovation policies, which are one of the keys to the growth process: the economy can be discontinuously innovation-oriented due to the different incentives of individuals and different schemes of political aggregation of preferences. The model produces multiple development regimes associated with different predictions about life expectancy evolution, educational investment dynamics, and technology adoption policies. Transitions between these regimes depend on initial conditions and parameter values.

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