Baby busts and growth booms : demographic change and the macroeconomy

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      <subfield code="b">: demographic change and the macroeconomy</subfield>
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      <subfield code="a">The study analyses seven decades of falling birth rates and concludes that, contrary to popular belief, countries and regions with lower birth rates have experienced higher growth in GDP per worker and in wages.
The authors show that the decline in births has not had any significant negative effects on aggregate GDP or total income.
The proposed explanation is that the shortage of young workers drives the adoption of labour-saving technologies, thereby increasing productivity.
The evidence includes higher growth in total factor productivity, more automation patents and a greater presence of technology sectors in economies with lower birth rates.
Overall, the study suggests that population ageing can stimulate technological innovation and offset the negative effects of a reduced labour supply</subfield>
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      <subfield code="u">https://economics.mit.edu/sites/default/files/2026-06/Baby%20Busts%20and%20Growth%20Booms%20-%20Demographic%20Change%20and%20the%20Macroeconomy.pdf</subfield>
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