The âgraying of Americaâ will substantially increase thefraction of the population that is retired in the decades to come.To illustrate the implications for U.S. living standards, supposethat over the 44 years following 2006 the share of the populationthat is working returns to its 1960 level, while average laborproductivity increases by as much as it did during 1960â2006. Underthis scenario, what would be the net change in real GDP per personbetween 2006 and 2052? The following data will be useful:
Average labor productivity Share of population employed
1960 $48,216 36.4%
2006 $88,204 48.1%
The âgraying of Americaâ will substantially increase thefraction of the population that is retired in the decades to come.To illustrate the implications for U.S. living standards, supposethat over the 44 years following 2006 the share of the populationthat is working returns to its 1960 level, while average laborproductivity increases by as much as it did during 1960â2006. Underthis scenario, what would be the net change in real GDP per personbetween 2006 and 2052? The following data will be useful:
Average labor productivity Share of population employed
1960 $48,216 36.4%
2006 $88,204 48.1%
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The greying 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 labour 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?
Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages.
Real GDP per person in 2013: $_______________
Real GDP per person in 2066: $__________________
Net change in real GDP per person between 2013 and 2066: $,_____________ which is an increase by_________________ % from 2013.
| Year | Average labour productivity | Share of the population employed |
| 1960 | 47,256 | 36.4% |
| 2013 | 109,152 | 45.5% |
