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Economic usefulness of older workers in terms of productivity in the modern world

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  • Janis Kudins

    (Daugavpils University)

Abstract

Along with the modern phenomenon of population aging, economists are also concerned about a shift in the composition of the workforce from relatively young to relatively old workers. This study is aimed to empirically prove the hypothesis that in the modern world the economic usefulness of older workers in terms of productivity is determined, in addition to the characteristics of the el derly workforce, by factors characterizing the level of territory development. The theoretical background and methodology of this study is formed on the basis of the concept of "specific human capital" by G. Becker and the conception of endogenous growth. The author uses the latest statistics for 63 countries of the world and several methods of quantitative data analysis: correlation analysis, regression analysis and cluster analysisin order to detect not only correlational parallelism, but also causal relationships between the variables included in the proof of the research hypothesis. The results of the empirical analysis show that technological readiness, along with a high level of lifelong learning in the country, are the catalysts that ensure the economic usefulness of older workers in terms of productivity in the countries of the modern world. The author also concludes that a baseless raising the retirement age in the country, without considering the above factors that characterize the level of development of this country in technological and learning aspects, does not allow the effective use of the economic potential of older workers.

Suggested Citation

  • Janis Kudins, 2022. "Economic usefulness of older workers in terms of productivity in the modern world," Post-Print hal-04242553, HAL.
    • Handle: RePEc:hal:journl:hal-04242553
    DOI: 10.9770/ird.2022.4.1(3)
    Note: View the original document on HAL open archive server: https://hal.science/hal-04242553
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    References listed on IDEAS

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    1. Gilbert Ghez & Gary S. Becker, 1975. "The Allocation of Time and Goods over the Life Cycle," NBER Books, National Bureau of Economic Research, Inc, number ghez75-1.
    2. Barthel, Jens, 2008. "Can age discrimination be justified with a lower productivity of older workers?," MPRA Paper 14682, University Library of Munich, Germany.
    3. Gilbert Ghez & Gary S. Becker, 1975. "A Theory of the Allocation of Time and Goods Over the Life Cycle," NBER Chapters, in: The Allocation of Time and Goods over the Life Cycle, pages 1-45, National Bureau of Economic Research, Inc.
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    Keywords

    older workers; economic usefulness; productivity; specific human capital; endogenous growth;
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