An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical … individuals. In this framework aging increases the relative scarcity of labor with respect to capital. Therefore, there will be … more labor- and less capital-saving technical change. Unless there are contemporaneous knowledge spillovers across …

An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical … this framework aging increases the relative scarcity of labor with respect to capital. Therefore, there will be more labor …- and less capital-saving technical change. Unless there are contemporaneous knowledge spillovers across innovating firms …