Aging is the process of getting older and this occurs in all living organisms, it is normal but not when the number of older people makes up most of the population. The median age in several countries is starting to increase which is due to the fact that people around the world are living longer lives, fertility rates are declining, and it is also because of the aging of large amounts of children that were born after the second world war and they are referred to as the “baby boom” generation and it is a triumph of development; however, it comes with its challenges. In Addition, the problem of an aging population is more pervasive in developed countries; However, the issue of an aging population is not common in developing countries. The focus
If there are no compensation mechanisms at work for the elder, there will be only a small number of population engaged in productive work. It will make total output per capita will decline. Second, the savings rate varies by age. Working age people save the most and also because they have a reason to save in anticipation of retirement. If the elder are not working or have little income, thus they have little or no ability to save.
Therefore, government could use supply side policies to deal with the unemployment situation such as in interventionist supply-side policies will increase the levels of human capital of an economy by support education and training institutions with subsidies or tax benefits and for market-based supply-side policies will reduce trade union power. Trade union power will lower the costs of production to firms and increase the number of workers that firms may hire. Although supply side policies can decrease unemployment,
A report to the Commonwealth Department of Employment, Education and Training in 1993 estimated that they amounted to somewhere between 15 and 30 per cent of persons aged 60 and over (Ken, 1993). The individual in this age of retirement, they are facing two major challenges. Firstly, he or she should struggle to remain productive and contributors to the organizations and maintain his or her self-confidence and honor especially for older worker. Nevertheless, the maintenance of productivity and self-esteem is often hindered by changes within the individual and by society’s bias
The older population is largely increasing while the adult population tends to be decreasing. This means the potential labor force and the retired population ratios are dropping. This makes the adult population and the government need to shoulder responsibility for taking care of the older persons. In case Thailand reaches the old age society, this has an effect on every social service provision. From the population structure prediction having change in the future, there are some important aspects in economics and social science.
In today’s world, the proportionate working population of the baby boomers are more than the millennial, this is due to the fact that in the developed countries the social awareness about few children ( maximum two children) has been made the norm, and also the decline in death rate due to the improved health facilities, health benefits and health insurance, has lead them to live long. The aging population does effects the both generations as in different
The increase in the cost of living has increased demand for better pay. So that, increasing the minimum wage and successive wages of people will ensure that people have the ability to cope with the rising cost of living. As the result, it will reduce the number of people who want to quit their job and also more contribute to
Impact of Technology and the Aging Population on Health Cost Introduction The social consequences of population aging, the increasing share of older people in the population, and the new technology for health care are the subjects of the broad and profound debate in many dissimilar fields. In health economics, the focus has been mostly on the consequence of population ageing on the growth of health costs. It seems quite evident that the relationship amongst age and health costs depends on the health of the individual. As a person ages, their health decreases in general and this successively leads to increasing usage of health care services. While all economists value the contribution of such economic growth to the well-being of the people,
While this economic growth has certainly benefited the lives of many, the author discusses how a reduction in work week hours would give people more time to interact with their family and communities as well as “making up for our chronic national sleep deficit” (2008). Beyond a chronic sleep deficit, there are many adverse health effects related to a greater number of work week hours. The purpose of this paper is to examine the health effects of longer workweek hours, in a cultural comparison between Latin America and the United States of America. Adverse Health Effects An increase in work week hours has been associated with many detrimental health
Demographic dividend refers to a period, usually 20 to 30 years, when fertility rates fall due to significant reductions in child and infant mortality rates. As families realize that fewer children will die during infancy, they begin to have fewer children to reach their desired number of offspring, further reducing the proportion of dependents. This fall is an extension in average life expectancy that increases the portion of the population that is in working age-group. This cuts the spending on dependents and spurs economic growth. This drop in fertility rates is not immediate.