Two demographic dividends, human capital, and economic growth

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First, the effects of two demographic dividends, which attract attentions of demographers, on saving and economic growth are analyzed theoretically and empirically. We found that second demographic dividend, namely, an increase in longevity, can have positive effects on economic growth in developed countries. Second, we conducted simulation analysis about the effect of demographic change on industrial structure, and it was suggested that the importance of agriculture can increase in the future in Japan. Third, we found that human capital is quite important for economic growth according to our empirical results using the data of China and Thailand.