The “graying of America” will substantially increase the fraction of the population that is retired in...

The “graying 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 labor 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?

Year	Average labor productivity	Share of population employed
1960	47,256	36.4%
2013	109,152	45.5%

Instructions: Enter your response as whole numbers for dollar values and 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.

Expert Solution

Rahul Sunny answered 1 year ago

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