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%
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% |
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