An edition of New age thinking (2007)

New age thinking

alternative ways of measuring age, their relationship to labor force participation, goverment policies and GDP

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New age thinking
John B. Shoven
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Last edited by Open Library Bot
December 3, 2010 | History
An edition of New age thinking (2007)

New age thinking

alternative ways of measuring age, their relationship to labor force participation, goverment policies and GDP

  • 0 Ratings
  • 0 Want to read
  • 0 Currently reading
  • 0 Have read

The current practice of measuring age as years-since-birth, both in common practice and in the law, rather than alternative measures reflecting a person's stage in the lifecycle distorts important behavior such as retirement, saving, and the discussion of dependency ratios. Two alternative measures of age are explored: mortality risk and remaining life expectancy. With these alternative measures, the huge wave of elderly forecast for the first half of this century doesn't look like a huge wave at all. By conventional 65+ standards, the fraction of the population that is elderly will grow by about 66 percent. However, the fraction of the population that is above a mortality rate that corresponds to 65+ today will grow by only 20 percent. Needless to say, the aging of the society is a lot less dramatic with the alternative mortality-based age measures. In a separate application of age measurement, I examine the consequences of stabilizing labor force participation by age with alternative age definitions. If labor force participation were to remain as it is today with respect to remaining life expectancy (i.e. if the length of retirement stayed where it is today) rather than labor force participation remaining fixed by conventionally-defined age, then there would be 9.6 percent more total labor supply by 2050 in the U.S. This additional labor supply could help finance entitlement programs amongst other things. GDP would be between seven and ten percent higher by 2050 if retirement lengths stabilize. Several policies are examined that would encourage longer work careers.

Publish Date
Language
English
Pages
19

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Book Details


Edition Notes

"October 2007"

Includes bibliographical references (p. 19).

Also available in PDF from the NBER World Wide Web site (www.nber.org).

Published in
Cambridge, Mass
Series
NBER working paper series -- no. 13476., Working paper series (National Bureau of Economic Research) -- working paper no. 13476.

The Physical Object

Pagination
19 p. :
Number of pages
19

ID Numbers

Open Library
OL17635592M
OCLC/WorldCat
180705154

Source records

Oregon Libraries MARC record

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December 3, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 10, 2009 Created by WorkBot add works page