By Hisakazu Kato
Analyzing the relation among inhabitants components and technological growth is the most function of this booklet. With its declining inhabitants, Japan faces the straightforward yet tough challenge of even if sustained fiscal development may be maintained. even supposing there are various reviews to enquire destiny financial progress from the perspective of work strength transition and the lowering saving fee, technological growth is crucial issue to be thought of sooner or later direction of the japanese financial system. Technological development is the results of suggestions or advancements within the caliber of human and actual capital. the rise in technological growth, that is measured as overall issue productiveness (TFP), is discovered either via advancements in productiveness within the brief time period and by means of fiscal advancements within the long-term. the writer investigates the connection of inhabitants components and productiveness, concentrating on productiveness development within the brief time period. Many discussions have lengthy been held in regards to the relation among inhabitants and technological development. From the previous Malthusian version to the trendy endogenous monetary development versions, a number of theories are constructed within the context of development idea. during this booklet, those discussions are summarized in short, with an research of the quantitative relation among inhabitants and technological growth utilizing country-based panel information in contemporary periods.
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Extra info for An Empirical Analysis of Population and Technological Progress
However, where b\0, the opposite situation is true. Furthermore, in the case that the aging will 2 This model is in reference to Jones (2005). 3 Theoretical and Empirical Analysis … 42 promote in the society and the younger population who have creative ability will decrease, then μ will rise and the growth rate of technological progress will fall in relation. Assuming that cA is constant, the reduced equation for the following empirical test is, A_ ¼ FðL or P; l; XÞ; A ð3:4Þ where P means population, which determines the size of labor, and X means other factors that affect technological progress.
Considering TFP, we can write the production function as follows: Y ¼ AFðK; LÞ; ð2:2Þ where A denotes TFP or the level of technology. Note, in economics, “technology” is used in a broad sense and is not limited to engineering technology. As mentioned above, technology means general gains in efﬁciency or productivity, and it is this that acts as the engine of long-term economic development. 2 The Cobb–Douglas Production Function and Growth Accounting We illustrate the discussion above using the Cobb–Douglas production function.
In addition, there is a relationship between the economy of accumulation, or the economy of scope, and the scale of population. As population increases, and more consumers enter the market, the possibility of generating new or niche markets will increase through the diversity of consumer demand. Similarly, population size supports economic growth through the development of new markets. Furthermore, we consider that the development of new or niche markets generates a positive impact on technological progress.
An Empirical Analysis of Population and Technological Progress by Hisakazu Kato