This paper theoretically investigates the effect of population aging on the employment share of an elder care service industry. We show that there exists the threshold level of income elasticity of demand for the elder care service, above which population aging spurs economic growth. In a closed...

This paper examines how demographics affect economic growth in an OLG model with unfunded social security. We derive two interesting results. First, the relationship between population growth and per capita output growth is hump shaped. Second, the relationship between life expectancy and per...