Population dynamics: Social security, markets, and families

International Social Security Review
Andrew MasonSang-Hyop Lee

Abstract

Upward intergenerational flows - from the working ages to old age - are increasing substantially in the advanced industrialized countries and are much larger than in developing countries. Population aging is the most important factor leading to this change. Thus, in the absence of a major demographic shift, e.g., a return to high fertility, an increase in upward flows is inevitable. Even so, three other important factors will influence the magnitudes of upward flows. First, labor income varies at older ages due to differences in average age at retirement, productivity, unemployment, and hours worked. Second, the age patterns of consumption at older ages vary primarily due to differences in spending on health. Third, spending on human capital, i.e., spending child health and education, varies. Human capital spending competes with spending on the elderly, but it also increases the productivity of subsequent generations of workers and the resources available to support consumption in old age. All contemporary societies rely on a variety of institutions and economic mechanisms to shift economic resources from the working ages to the dependent ages - the young and the old. Three institutions dominate intergenerational flows: governm...Continue Reading

References

May 26, 2004·International Journal of Cardiology·Aloir Queiroz Araujo, Alaor Queiroz Araujo
Jun 29, 2004·Clinical Therapeutics·Ronald J Vogel, Stephen Joel Coons
Jan 3, 2008·World Development·Tomoko Kinugasa, Andrew Mason

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