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Generation gap and its impact on economic growth.
Supanee Harnphattananusorn1, Thitima Puttitanun1
1Department of Economics, Faculty of Economics, Kasetsart University, 50 Ngam Wong Wan Rd., Lat Yao, Chatuchak, Bangkok 10900, Thailand.
Heliyon
|June 18, 2021
Summary
Generation gaps can hinder economic growth. Analyzing Thailand
Area of Science:
- Economics
- Sociology
- Demographics
Background:
- Intergenerational differences in opinions, values, and work approaches are common.
- These differences can lead to workplace friction and reduced labor productivity.
- Negative impacts on labor productivity may affect national economic growth.
Purpose of the Study:
- To investigate the impact of the generation gap on economic growth.
- To analyze the relationship between generation mix and economic performance.
Main Methods:
- Utilized generation mix indices for analysis.
- Employed time-series data from Thailand spanning 1961 to 2019.
Main Results:
- A significant negative correlation was found between intense generation mixing and economic growth.
- Economic growth suffered when generational diversity in the workforce was high.
Conclusions:
- The generation gap, particularly in highly mixed workforces, poses a risk to economic growth.
- Policies may need to consider strategies to mitigate potential negative economic impacts of generational diversity.
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