RMI-2302 Lecture Notes - Lecture 13: Social Insurance, Human Capital, Demographic Transition

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Economic overview: more services for aging population, fewer in workforce to provide these services (the bucket of capabilities, what is the basis of the workforce (body vs. mind) Manual labor- aging population does not help. Knowledge based workforce- older workforce has experience/knowledge that is valuable. Opportunity for current workers to tap retired workers as resource: many fear that aging costs are going to outweigh benefits. Aging population- people 65 and over outnumber those 5 and under: 2. The number of people 80+ will double in 30 years: 4. Median age of western europe & japan: 1980- 34 and 33, 2030- 47 and 52, 5. Italy, spain, & japan: more than half of all adults will be older than official retirement age, more people in their 70s than 20s. Major challenges of aging populations: 1. Effects on social entitlement programs: social/political impacts.

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