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Entrepreneurship requires energy and creativity as well as business acumen. Some factors that contribute to entrepreneurship decline with age, but business skills increase with experience in high-level positions. Having too many older workers in society slows entrepreneurship. When older workers occupy key positions, they block younger workers from acquiring skills. A theory is formulated and tested using the Global Entrepreneurship Monitor data. A one standard deviation decrease in a country’s median age increases new business formation by 2.5 percentage points, which is about 40 percent of the mean rate. Furthermore, older societies have lower rates of entrepreneurship at every age.

Most research on online education compares student performance across online and in-person formats. We provide the first evidence that online education affects the number of people pursuing education by studying Georgia Tech’s Online MS in Computer Science, the earliest model offering a highly ranked degree at low cost. A regression discontinuity in admission shows that program access substantially increases overall educational enrollment. By satisfying large, previously unmet demand for midcareer training, this program will boost annual production of American computer science master’s degrees by at least 7%.Online options may open opportunities for populations who would not otherwise pursue education.

In recent decades, cheap labor has played a central role in the Chinese model, which has relied on expanded participation in world trade as a main driver of growth. At the beginning of China's economic reforms in 1978, the annual wage of a Chinese urban worker was only$1,004 in U.S. dollars. The Chinese wage was only 3 percent of the average U.S. wage at that time, and it was also significantly lower than the wages in neighboring Asian countries such as the Philippines and Thailand. The Chinese wage was also low relative to productivity. However, wages are now rising in China. In 2010, the annual wage of a Chinese urban worker reached $ 5,487 in U.S. dollars, which is similar to wages earned by workers in the Philippines and Thailand and significantly higher than those earned by workers in India and Indonesia. China's wages also increased faster than productivity since the late 1990s, suggesting that Chinese labor is becoming more expensive in this sense as well. The increase in China's wages is not confined to any sector, as wages have increased for both skilled and unskilled workers, for both coastal and inland areas, and for both exporting and nonexporting firms. We benchmark wage growth to productivity growth using both national- and industry-level data, showing that Chinese labor was kept cheap until the late 1990s but the relative cost of labor has increased since then. Finally, we discuss the main forces that are pushing wages up.

The share of the population aged 60 and over is projected to increase in nearly every country in the world during the period 2005 - 50. Population ageing will tend to lower both labour-force participation and savings rates, thereby raising concerns about a future slowing of economic growth. Our calculations suggest that OECD countries are likely to see modest - but not catastrophic - declines in the rate of economic growth. However, behavioural responses (including greater female labour-force participation) and policy reforms (including an increase in the legal age of retirement) can mitigate the economic consequences of an older population. In most non-OECD countries, declining fertility rates will cause labour-force-to-population ratios to rise as the shrinking share of young people will more than offset the skewing of adults towards the older ages. These factors suggest that population ageing will not significantly impede the pace of economic growth in developing countries.\" (Author's abstract, IAB-Doku). Die Untersuchung enthält quantitative Daten. Forschungsmethode: empirisch-quantitativ; empirisch; Querschnitt; prognostisch; Evaluation; anwendungsorientiert. Die Untersuchung bezieht sich auf den Zeitraum 1950 bis 2050.

The effect of changes in age structure on economic growth has been widely studied in the demography and population economics literature. The beneficial effect of changes in age structure after a decrease in fertility has become known as the \"demographic dividend.\" In this article, we reassess the empirical evidence on the associations among economic growth, changes in age structure, labor force participation, and educational attainment. Using a global panel of countries, we find that after the effect of human capital dynamics is controlled for, no evidence exists that changes in age structure affect labor productivity. Our results imply that improvements in educational attainment are the key to explaining productivity and income growth and that a substantial portion of the demographic dividend is an education dividend.

Although the effects of urban shrinkage on quality of life and the built environment have received a great deal of attention, the characteristics of those experiencing these impacts have been much less studied. This is ironic, as urban shrinkage or depopulation is by nature a demographic phenomenon: city sizes evolve precisely because people move in and out, are born, and die. Moreover, the demographic processes that contribute to shrinking cities—out-migration and death—are selective and so they also govern who remains behind in cities as they shrink. It is this latter group that is the focus of this research. The analysis contributes to the literature on shrinking cities through its novel consideration of community-level exposure to depopulation. In particular, it investigates who is impacted by loss; the extent to which population loss is experienced disproportionately across urban space and demographic subgroups; and whether decline occurring at multiple spatial scales magnifies exposure for some groups more than others. Findings show that, at both city and census tract levels, demographic characteristics of growth and loss areas are different and, at all levels, some groups are more likely than others to be living in a loss-impacted area.

We document that government spending multipliers depend on the population age structure. Using the variation in military spending and birth rates across US states, we show that the local fiscal multiplier is 1.5 and increases with the population share of young people, implying multipliers of 1.1–1.9 in the interquartile range. A parsimonious life cycle open economy New Keynesian model with credit market imperfections and age-specific differences in labor supply and demand explains 87 percent of the relationship between local multipliers and demographics. The model implies that the US population aging between 1980 and 2015 caused a 38 percent drop in national government spending multipliers.

PurposeThis paper explores the empirical relationship between population age structure and bilateral trade.Design/methodology/approachThe author includes age structure in both log and Poisson pseudo-maximum likelihood (PPML) formulations of the gravity equation of trade. The author studies relative age effects, using differences in the demographic structure of each country-pair.FindingsThe author finds that a relatively larger share of population in working age increases bilateral exports. This is robust to various estimation models, as well as to changes in the method of specifying the demographic controls. Old-age shares have a negative, but less robustly estimated impact on trade. Estimating instead the balance of trade between trading partners produces similar results, with positive effects of age structure peaking later in working life.Practical implicationsGlobal populations are poised to undergo a massive transition. Trade a crucial way that the demographic deficits of one country may be offset by the dividends of another as comparative advantages shift along with the size and strength of their underlying workforce.Originality/valueThe author’s work is among the first to quantify the effect of relative age structure between two countries and their bilateral trade flows. Focusing on the aggregate flows, relative age shares and PPML estimates of the trade relationship, this paper provides the most comprehensive picture to date on how age structure affects trade.

We investigate the consequences of demographic change for business cycle analysis. We find that changes in the age composition of the labor force account for a significant fraction of the variation in cyclical volatility observed in the G7. Since World War II, these countries have experienced dramatic demographic changes, although details regarding timing and nature differ across countries. We exploit this variation to show that the workforce age composition has a large and significant effect on cyclical volatility. We relate our results to the recent decline in US macroeconomic volatility, finding that demographic change accounts for approximately one-fifth to one-third of this moderation.

Two dominant rationales are offered by UK policymakers for the continued expansion of higher education: to service the high-skill labour requirements of a knowledge economy, and to increase educational and employment opportunities for under-represented groups. The discourse of employability connects these two rationales in a simplistic manner. Individual employability is described as both the means by which to obtain and maintain high-quality employment and to eradicate the social reproduction of inequality. However, evidence drawn from a survey of graduate careers suggests that for a cohort of recent business and management graduates, the relationship between employability and employment is far from straightforward. The data suggest that traditional labour market disadvantage still appears to be an impediment to achievement, regardless of the extent to which graduates develop employability skills during their undergraduate studies.