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Dear followers, please see this new paper on the labor market and macroeconomic effects of low birth rates. Although almost all analysts and policymakers are very worried about the prospect of stagnant and aging populations, the evidence from cross-country and within the United States points to the opposite: lower birth rates predict faster growth of GDP per worker and wages. The reason: labor scarcity encourages more technology adoption.
DAcemogluMIT ↗