Description
Book SynopsisThis upper level textbook provides a coherent introduction to the economic implications of individual and population ageing. Placing economic considerations into a wider social sciences context, this is ideal reading not only for advanced undergraduate and masters students in health economics and economics of ageing, but policy makers, professionals and practitioners in gerontology, sociology, health-related sciences, and social care.
This volume introduces topics in labour economics, including the economic implications of ageing workforces. It covers pension economics and pension systems with their macroeconomic and distributive effects, and the question of risk. Finally, it describes macroeconomic consequences of ageing populations on aggregate saving, inflation, international trade, and financial markets.
Trade Review“This monograph, which is Volume III of Economics and Ageing, provides an excellent account on important topics such as labour economics and ageing, pension systems and economics, their macroeconomic, risk and distributive implications. … Each part consists of several chapters. Each of the chapters appears to be self-contained and discusses a specific topic. References are included by the end of each chapters. A chapter-by-chapter review is provided in the sequel.” (Tak Kuen Siu, Tak Kuen Siu, zbMATH 1453.91002, 2021)
Table of ContentsI Labour Economics and Ageing
1 The Older Labour Force
1.1 Scope of labour economics with regards to ageing
1.1.1 Alternative conceptualisations of work
1.1.2 The three analytical perspectives
1.1.3 Definition of older worker
1.2 Labour demand
1.3 Labour supply
1.4 Economic activity
1.5 Substitution and complementarity between younger and older workers
1.5.1 The effect of the size of the cohort
1.5.2 The effect of the business cycle
1.6 Paid employment in later life
1.6.1 Pull and push factors
1.6.2 Labour force participation and health
1.6.3 Motivation to remain in paid employment
1.6.4 Employment and pensions
1.6.5 Self-employment
1.6.6 Number of hours worked
1.6.7 Underemployment and overemployment
1.6.8 The ‘lump of labour’ fallacy
1.7 Voluntary work
1.7.1 Extent
1.7.2 Contribution
1.7.3 Theories
1.7.4 Reasons and drivers
1.7.5 Intergenerational transmission
1.8 Unemployment
1.8.1 Job search
1.8.2 Long-term unemployment
1.8.3 Scarring effects of unemployment
1.8.4 Job search and re-employment
1.9 Economic inactivity
1.10 Retirement
1.10.1 Retirement as a social institution, a process, and an experience
1.10.2 Phases of retirement
1.10.3 The retirement decision
1.10.4 Early retirement, gradual retirement, bridge employment and de-retirement64
1.10.5 Retirement risk index
2 Chronological Age and Labour Productivity
2.0.1 Age-productivity profiles
2.1 Chronological age and labour productivity
2.1.1 Chronological age and productivity of researchers and artists
2.2 Chronological age and labour productivity in industry
2.2.1 Empirical evidence of the age-productivity relationship
2.2.2 Productivity gap and wage gap
2.2.3 Organisational factors
2.2.4 Psychological contract
2.3 Physical and cognitive functioning
2.3.1 Work-related ability
2.3.2 Physical abilities
2.3.3 Cognitive abilities
2.4 Human capital obsolescence
2.4.1 Workforce obsolescence
2.4.2 Ageing workforces, automation and artificial intelligence
2.5 Productivity and earnings
2.5.1 Payment schemes
2.5.2 Job experience
2.5.3 Older workers’ earnings
3 Age Discrimination and Stereotypes
3.1 Introduction
3.2 Categories of age stereotypes
3.3 The economics of discrimination in the workplace
3.3.1 Taste discrimination
3.3.2 Statistical discrimination
3.4 Extent of age discrimination in the workplace
3.5 Age discrimination and hiring of older workers
3.6 Organisational and other contextual factors
3.6.1 Organisational structure
3.6.2 Age structure
3.6.3 Size
3.6.4 Industrial sector
3.6.5 Organisational climate and culture
3.7 Work-related consequences
3.8 Physical and cognitive consequences
II Economics of Pensions
4 Pensions and Pension Schemes
4.1 Defined benefit or defined contribution
4.2 Pay-as-you-go or fully funded
4.3 Contributory or non-contributory
4.4 Mandatory or voluntary
4.5 Actuarial or non-actuarial
4.6 Other characteristics
4.6.1 Maturity
4.6.2 Replacement rate
4.7 Funding position
4.8 Earnings measure, Valorisation, and Indexation
4.9 Objectives
4.10 Pillars and tiers
4.10.1 Point systems and Notional accounts
4.11 Pension wealth accumulation
4.11.1 The Samaritan dilemma
4.12 Pensions and implicit taxes on paid work
5 Macroeconomic Aspects
5.1 National saving
5.2 Pension systems and economic growth
5.3 The Samuelson-Aaron’s condition
5.4 Public pensions and public budgets
5.5 Financial solvency
5.6 From PAYG to fully-funded schemes and the question of the first generation
5.7 From fully-funded to PAYG schemes
5.8 Political economy of pensions
5.9 Taxation of pension saving
5.10 Public pensions and fertility decisions
6 Distributive and Actuarial Elements
6.1 Pensions and income redistribution
6.1.1 The progressivity index
6.2 Actuarial approaches
6.2.1 Actuarial fairness and neutrality
6.2.2 Annuities and other financial products
6.2.3 Pension liabilities
7 Pensions and Risk
7.1 Introduction
7.1.1 The Musgrave rule
7.2 Types of risks
7.2.1 Labour-market related risk
7.2.2 Macroeconomic risk
7.2.3 Political risk
7.2.4 Investment risk
7.2.5 Longevity risk
7.2.6 Fertility risk
7.2.7 Bankruptcy and switching risk
7.2.8 Intergenerational risk
7.2.9 De-risking
7.3 Retirement risk index
III Ageing and macroeconomics
8 Ageing and Economic Growth and Development
8.1 Introduction
8.2 Empirical evidence
8.3 Ageing and theories of economic growth
8.3.1 Endogenous neoclassical growth models
8.4 Ageing and development
8.5 Ageing and projections of economic activity and growth
8.6 Ageing, entrepreneurship, and innovation
8.6.1 Introduction
8.6.2 Entrepreneurship
8.7 Innovation
9 Other Macroeconomic Implications of Population Ageing
9.1 Ageing, saving, and monetary policy
9.2 Ageing, inflation and relative prices
9.2.1 Saving
9.2.2 Excess aggregate supply
9.2.3 Relative prices
9.2.4 Monetary policy rules
9.2.5 Ageing and the demand for money
9.2.6 Ageing from below and from above
9.2.7 Older people’s consumer price indices
9.3 Ageing, exchange rate and international trade
9.4 Ageing and financial assets
Ageing and macroeconomic crises
