The study looked at how ageing affects economic growth by considering factors like labour supply and foreign capital. They found that human capital depreciation due to ageing has a bigger negative impact on growth than changes in population growth or labour supply elasticity. A higher rate of human capital depreciation, a faster growth in the dependency ratio, and lower savings lead to more education time and higher growth. In the short term, demographic dividends are positive, but in the long term, they become negative.