Date of Award
5-2026
Culminating Project Type
Thesis
Styleguide
apa
Degree Name
Applied Economics: M.S.
Department
Economics
College
School of Public Affairs
First Advisor
Kenneth Rebeck
Second Advisor
King Banaian
Third Advisor
Mana Komai-Molle
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
Keywords and Subject Headings
workforce aging; population aging; economic productivity; human capital; panel data
Abstract
This study examines the relationship between workforce aging and economic productivity across U.S. states. Using a panel dataset covering 50 U.S. states from 2000 to 2020, this study analyzes whether an increasing share of older workers affects economic productivity and whether policy-related factors such as education and health spending influence this relationship.
The empirical analysis employs a two-way fixed effects panel regression model. The results indicate that workforce aging is negatively associated with GDP per worker, suggesting that a higher proportion of older workers may place downward pressure on economic productivity. The youth dependency ratio and employment participation rate show positive and statistically significant relationships with productivity. The interaction analysis further indicates that higher levels of educational attainment help mitigate the negative effects of workforce aging, while health spending does not show a significant moderating effect.
Overall, the findings suggest that while demographic aging may pose challenges for productivity, policies that support human capital development and labor force participation can help economies adapt to demographic change.
Recommended Citation
Wang, Jiayi, "Demographic Change and Economic Growth in the United States: The Moderating Roles of Education and Health Policies" (2026). Culminating Projects in Economics. 40.
https://repository.stcloudstate.edu/econ_etds/40
