Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Longevity-induced vertical innovation and the tradeoff between life and growth
https://orcid.org/0000-0002-8971-8750
Abstract We analyze the economic growth effects of rising longevity in a framework of endogenous growth driven by quality-improving innovations. A rise in longevity increases savings and thereby places downward pressure on the market interest rate. Since the monopoly profits generated by a successful innovation are discounted by the endogenous market interest rate, this raises the net present value of innovations, which, in turn, fosters R&D investments. The associated increase in the employment of scientists leads to faster technological progress and a higher long-run economic growth rate. From a welfare perspective, the direct effect of an increase in life expectancy tends to be larger than the indirect effect of the induced higher consumption due to faster economic growth. Consequently, the debate on rising health care expenditures should not be predominantly based on the growth effects of health care.
Longevity-induced vertical innovation and the tradeoff between life and growth
https://orcid.org/0000-0002-8971-8750
Abstract We analyze the economic growth effects of rising longevity in a framework of endogenous growth driven by quality-improving innovations. A rise in longevity increases savings and thereby places downward pressure on the market interest rate. Since the monopoly profits generated by a successful innovation are discounted by the endogenous market interest rate, this raises the net present value of innovations, which, in turn, fosters R&D investments. The associated increase in the employment of scientists leads to faster technological progress and a higher long-run economic growth rate. From a welfare perspective, the direct effect of an increase in life expectancy tends to be larger than the indirect effect of the induced higher consumption due to faster economic growth. Consequently, the debate on rising health care expenditures should not be predominantly based on the growth effects of health care.
Longevity-induced vertical innovation and the tradeoff between life and growth
https://orcid.org/0000-0002-8971-8750
Abstract We analyze the economic growth effects of rising longevity in a framework of endogenous growth driven by quality-improving innovations. A rise in longevity increases savings and thereby places downward pressure on the market interest rate. Since the monopoly profits generated by a successful innovation are discounted by the endogenous market interest rate, this raises the net present value of innovations, which, in turn, fosters R&D investments. The associated increase in the employment of scientists leads to faster technological progress and a higher long-run economic growth rate. From a welfare perspective, the direct effect of an increase in life expectancy tends to be larger than the indirect effect of the induced higher consumption due to faster economic growth. Consequently, the debate on rising health care expenditures should not be predominantly based on the growth effects of health care.
Longevity-induced vertical innovation and the tradeoff between life and growth
Baldanzi, Annarita (Autor:in) / Prettner, Klaus (Autor:in) / Tscheuschner, Paul (Autor:in)
2018
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
RVK:
ELIB39
/
ELIB45
Lokalklassifikation FBW:
oek 2608
BKL:
74.80
Demographie
/
83.31$jWirtschaftswachstum
/
74.80$jDemographie$XGeographie
/
83.31
Wirtschaftswachstum
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