Aging, Output Per Capita, and Secular Stagnation

Theory of Output Growth and of per Capita Output Growth: with or without Say's Law?

In a majority of the recent writings on economic growth, the term 'growth' without further qualifiers is used to mean growth of per capita output, with a striking linguistic change relative to a couple of decades ago. This linguistic change reflects the exclusive concentration on the determinants of the growth of per capita output, which characterises modern Endogenous Growth Theory. The implic...

Aggregate Demand, Functional Finance and Secular Stagnation

This paper makes three main points. Fiscal policy, …rst, may be needed in the long run to maintain full employment and avoid secular stagnation. If …scal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of growth, (ii) inversely on government consumption, and (iii) directly on the degree of inequality. The analysis, third, suggests that policies and ...

Distribution of per Capita Income in Georgia

Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation

Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the lower labor force participation and productivity of older workers or because aging will create an excess of savings over desired investment, leading to secular stagnation. We show that there is no such negative relationship in the data. If anything, countries experiencing more...

Convergence in Carbon Emissions per Capita

Convergence in cross country per capita carbon emission rates is an important concept in the climate change debate. This paper provides an empirical analysis of emissions per capita convergence. This analysis is crucial to the assessment of projection models that generate convergence in emission per capita rates and to the assessment of policy proposals that advocate imposing convergence in emi...