Using NTA data, the economic lifecycle is represented by labor income and consumption by age for Japan and the Philippines in Figure 1.4. The per capita economic lifecycle varies by age because of individual characteristics and behaviors, institutions, and market forces. Productivity increases as children mature and benefit from human capital investments. Subsequently, productivity declines as health deteriorates and disability
increases. Labor force participation, hours worked, and unemployment all vary with age as does their influence on the labor- income prof le. Consumption is influenced by preferences, prices, interest rates, income, and public institutions. Both prof les depend on many other historical, cultural, political, social, and economic factors.