Vai gados vecāki darbinieki ir noderīgi ekonomikai?

Along with the current phenomenon of population ageing, economists are also concerned about the shift in the age profile of the labour force towards the increased share of older workers. In this regard, the debate on the economic return of older workers remains topical in the international research space. The purpose of this study is to empirically test the hypothesis that in the modern world the economic return of older workers is determined not only by the older
workersí characteristics as such, but also by factors characterizing the level of the territory development. The theoretical background and methodology of this study are based on the specific human capital concept introduced by Becker, as well as on the endogenous growth theory with its emphasis on technological progress. The study considers the economic return of older workers with productivity being the target function, though not at the individual worker level, but at the macroeconomic level, i.e., relative to productivity of the economy as a
whole. To test the hypothesis, the authors use statistics from the World Health Organization, Trading Economics and PwC Global companies, as well as the data from the Global Talent Competitiveness report for 63 countries of the world. The purpose of the study is achieved by applying several quantitative methods of data analysis: correlation analysis, regression analysis and cluster analysis. This set of methods is used to identify not only correlative parallelism, but also causal relationships between variables included in the research hypothesis. The results of empirical analysis show that in the contemporary world the technological readiness coupled with the high level of lifelong learning are the reasons-catalysts that provide the stimulating effect of the retirement age increase (objectively leading to the increase in the share of older workers in the labour force composition) on productivity of the economy. The authors also concluded that raising the retirement age in a country without considering the above factors that characterize its development level in technological and educational aspects does not in itself contribute to the effective use of the economic potential of older workers.