8  Older people are more likely to own an unincorporated business, although this may merely reflect the operation of credit constraints, which would be likely to make it more difficult for younger people to start a business. 9  See Lowe P (2013), “Demographics, Productivity and Innovation”, Speech to The Sydney Institute, Sydney, 12 March.
BIS central bankers’ speeches  5  Longer working lives Not only are we living longer, but life spans are also generally healthier than in the past. 10 Among other things, this provides the option of working productively later into life. Let me be clear though, extra years of work need not imply less years in retirement.