Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation
发现老龄化与经济增长之间并无数据支持的负相关，反而老龄化更快的国家增长更快，可能源于这些国家更快采用自动化技术。
Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the lower labor force participation and productivity of older workers or because aging will create an excess of savings over desired investment, leading to secular stagnation. We show that there is no such negative relationship in the data. If anything, countries experiencing more rapid aging have grown more in recent decades. We suggest that this counterintuitive finding might reflect the more rapid adoption of automation technologies in countries undergoing more pronounced demographic changes and provide evidence and theoretical underpinnings for this argument.