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    <title>EconStor Community: Georg-August-Universität Göttingen</title>
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      <title>50 is the new 30: Long-run trends of schooling and retirement explained by human aging</title>
      <link>http://hdl.handle.net/10419/71086</link>
      <description>Title: 50 is the new 30: Long-run trends of schooling and retirement explained by human aging
&lt;br/&gt;
&lt;br/&gt;Authors: Strulik, Holger; Werner, Katharina
&lt;br/&gt;
&lt;br/&gt;Abstract: Workers in the US and other developed countries retire no later than a century ago and spend a significantly longer part of their life in school, implying that they stay less years in the work force. The facts of longer schooling and simultaneously shorter working life are seemingly hard to square with the rationality of the standard economic life cycle model. In this paper we propose a novel theory, based on health and aging, that explains these long-run trends. Workers optimally respond to a longer stay in a healthy state of high productivity by obtaining more education and supplying less labor. Better health increases productivity and amplifies the return on education. The health accelerator allows workers to finance educational efforts with less forgone labor supply than in the previous state of shorter healthy life expectancy. When both life-span and healthy life expectancy increase, the health effect is dominating and the working life gets shorter if the preference for leisure is sufficiently strong or the return on education is sufficiently large. We calibrate an extended version of the model and show that it is capable to predict the historical trends of schooling and retirement.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The history augmented Solow model</title>
      <link>http://hdl.handle.net/10419/71085</link>
      <description>Title: The history augmented Solow model
&lt;br/&gt;
&lt;br/&gt;Authors: Dalgaard, Carl-Johan; Strulik, Holger
&lt;br/&gt;
&lt;br/&gt;Abstract: Unified growth theory predicts that the timing of the fertility transition is a key determinant of contemporary comparative development, as it marks the onset of the take-off to sustained growth. Neoclassical growth theory presupposes a take-off, and explains comparative development by variations in (subsequent) investment rates. The present analysis integrates these two perspectives empirically, and shows that they together constitute a powerful predictive tool vis-a-vis contemporary income differences.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>50 is the new 30: Long-run trends of schooling and retirement explained by human aging</title>
      <link>http://hdl.handle.net/10419/71086</link>
      <description>Title: 50 is the new 30: Long-run trends of schooling and retirement explained by human aging
&lt;br/&gt;
&lt;br/&gt;Authors: Strulik, Holger; Werner, Katharina
&lt;br/&gt;
&lt;br/&gt;Abstract: Workers in the US and other developed countries retire no later than a century ago and spend a significantly longer part of their life in school, implying that they stay less years in the work force. The facts of longer schooling and simultaneously shorter working life are seemingly hard to square with the rationality of the standard economic life cycle model. In this paper we propose a novel theory, based on health and aging, that explains these long-run trends. Workers optimally respond to a longer stay in a healthy state of high productivity by obtaining more education and supplying less labor. Better health increases productivity and amplifies the return on education. The health accelerator allows workers to finance educational efforts with less forgone labor supply than in the previous state of shorter healthy life expectancy. When both life-span and healthy life expectancy increase, the health effect is dominating and the working life gets shorter if the preference for leisure is sufficiently strong or the return on education is sufficiently large. We calibrate an extended version of the model and show that it is capable to predict the historical trends of schooling and retirement.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The history augmented Solow model</title>
      <link>http://hdl.handle.net/10419/71085</link>
      <description>Title: The history augmented Solow model
&lt;br/&gt;
&lt;br/&gt;Authors: Dalgaard, Carl-Johan; Strulik, Holger
&lt;br/&gt;
&lt;br/&gt;Abstract: Unified growth theory predicts that the timing of the fertility transition is a key determinant of contemporary comparative development, as it marks the onset of the take-off to sustained growth. Neoclassical growth theory presupposes a take-off, and explains comparative development by variations in (subsequent) investment rates. The present analysis integrates these two perspectives empirically, and shows that they together constitute a powerful predictive tool vis-a-vis contemporary income differences.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
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