Full Description
Nearly all countries in the world are experiencing an aging of their populations due to declining fertility rates and rising longevity. Aging has been the subject of much discussion in the last decade, often expressed in alarmist language. On Global Aging presents a more optimistic look on the effects of aging on the economy. Nonetheless aging will pose major policy challenges on the well functioning of the economy and the society as a whole.
The book describes and analyses the effects of population aging on social and economic issues, labour and financial markets, pension and health care expenditures and public finance, and the welfare of people. It surveys also the policy measures in the face of aging to secure the resource base. They are mainly aimed at increasing labour force participation and above all at stimulating productivity growth. The book is a valuable resource for practitioners and policy makers and the wider academic community, economists, social scientists, gerontologists and others.
Contents
1 Introductory observations.- 1.1 A growing older society.- 1.2 The pension burden.- 1.3 Societal issues.- 1.4 Budgetary issues.- 2 Demography.- 2.1 Introductory observations.- 2.2 Population projections.- 2.3 Demographic transition.- 2.4 Final observations.- 3 The impact of an aging population on the economy.- 3.1 Aging and capital formation.- 3.2 Aging and labour supply.- 3.3 The impact of aging on the performance of the economy.- 3.4 Final observations.- 4 Can the world population grow older comfortably ?.- 4.1 Scenarios of the demographic transition in developed countries.- 4.2 Scenarios of the demographic transition in developing countries.- 4.3 Can the world population grow older comfortably?.- 4.4 Spending on welfare and intergenerational ethics.- 4.4.1 Concluding observations.- 5 A paradox.- 5.1 The budgetary issue.- 5.2 A paradox.- 5.3 Concluding observations.- 6 Policies in the face of aging.- 6.1 Introductory observations.- 6.2 Policy measures to enlarge the contribution or resource base.- 6.3 The impact of reform policy measures.- 6.4 Long-run trends.- 7. Summarizing and concluding remarks.- Abstract.- References.- Appendix A. Methodology.- Appendix B. Alternative scenarios.- Appendix C. Relative merits of pay-as-you-go and funding systems.- Appendix D. Neo-classical economics in a growing older environment.- Appendix E. Aging in the Netherlands.- Appendix F. An optimal and preferred EU-15 pension reform strategy.- Appendix G. Demography in the EU-15 countries.
