Labor supply of elderly people,fertility, and economic development |
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| Affiliation: | 1. School of Economics, Chukyo University, 101-2 Yagoto-honmachi, Showa-ku, Nagoya 466-8666, Japan;2. Faculty of Economics, Nanzan University, 18 Yamasato-cho, Showa-ku, Nagoya 466-8673, Japan;1. Department of Economics, 338 Robins School of Business, Richmond, VA 23173, United States;2. Department of Economics, 225F Gatton School of Business and Economics, University of Kentucky, Lexington, KY 40502, United States;3. Department of Economics, 922 Flanner Hall, University of Notre Dame, IN 46556, United States;4. NBER, United States;1. Prometeia, Italy;2. Marshall School of Business, University of Southern California and CIGS, United States;3. The University of Tokyo and Research Institute of Economy, Trade and Industry (RIETI), Japan |
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| Abstract: | Increases in life expectancy and the fertility rate have been observed as per-capita income increases in economically developed countries with high per-capita income. We explain these observations using a synthetic economic model with endogenous lifetime, retirement, and human capital accumulation. In contrast to the result obtained by assuming an institutionally fixed and compulsory retirement, a longer life expectancy attributable to rises in per-capita income can induce elderly people to leave the labor market later, thereby enabling them to increase consumption of goods as well as “children” when young. Consequently, higher per-capita income can be associated with higher fertility. |
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