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Does he account for a productivity decline curve due to the average age rising as the population declines?



Not sure if it's exactly what you're asking for, but a tweet a while ago:

> Dean looks at GDP per capita. But Japan's aging population means that you really want to look at GDP per working-age adult. And by that measure Japan's growth has been essentially the same as America's 2/ [FRED graphic]

* https://twitter.com/paulkrugman/status/1215629376806629377




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