The graying of America will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 53 years following 2013 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960, 2013. Under this scenario, what would be the net change in real GDP per person between 2013 and 2066?
Year: 1960 ; 2013
Average labor productivity: 47,256 ; 109,152
Share of population employed: 36.4% ; 45.5%
Instructions: Enter your response as whole numbers for dollar values and one decimal place for percentages.
Real GDP per person in 2013: $49664
Real GDP per person in 2066: $?
The net change in real GDP per person between 2013 and 2066: $? which is an increase by ?% from 2013.
The graying of America will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 53 years following 2013 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960, 2013. Under this scenario, what would be the net change in real GDP per person between 2013 and 2066?
Year: 1960 ; 2013
Average labor productivity: 47,256 ; 109,152
Share of population employed: 36.4% ; 45.5%
Instructions: Enter your response as whole numbers for dollar values and one decimal place for percentages.
Real GDP per person in 2013: $49664
Real GDP per person in 2066: $?
The net change in real GDP per person between 2013 and 2066: $? which is an increase by ?% from 2013.
