University of Minnesota Ph.D. dissertation. January 2011. Major: Sociology. Advisor: Erin Kelly. 1 computer file (PDF); vii, 516 pages, appendix p. 514-516.

Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...