Ludwig, Alexander; Krüger, Dirk - Sonderforschungsbereich 504 "Rationalitätskonzepte, …; … - 2006
In the industrialized world the population is aging over time, reducing the fraction of the population in working age. Consequently labor is expected to be scarce, relative to capital, with an ensuing decline in the real return on capital. This paper uses demographic projections together with a...