Influence of workforce aging on the productivity of economy

This study is aimed to empirically prove the hypothesis that currently the influence of workforce aging on the productivity of economy is determined by factors characterizing the level of territory development. The scientific and practical significance of this study is the contribution of the authors to a scientifically based empirical investigation of the influence of workforce aging (due to raising the retirement age) on the productivity of economy in the countries of the modern world. Methods of the empirical analysis. The theoretical background and methodology of this study are based on the concept of specific human capital by G. Becker and the conception of endogenous growth with its emphasis on technology development. The authors use several methods of quantitative data analysis: correlation analysis, regression analysis and cluster analysis in order to identify not only correlational parallelism, but also causal relationships between the variables included in the proof of the research hypothesis. Sources of empirical information. The authors used, whenever possible, the latest statistics from the World Health Organization, Trading Economics and PwC Global, as well as data from the report on the Global Talent Competitiveness Index for 63 countries. These countries represent different continents and have different levels of socio - conomic development. The results of the conducted empirical analysis show that in the countries of the modern world, technological readiness, coupled with a high level of lifelong learning, are the catalysts that provide a stimulating effect of raising the retirement age (objectively leading to workforce aging) on the productivity of economy. The authors also concluded that raising the retirement age in the country, without considering the above factors, does not contribute to the effective use of the economic potential of older workers.