Economics of Aging: A Survey

Abstract

The continuation of low rates of fertility and reductions in mortality rates of the elderly have revived the interest of economists in the examination of the economic impacts of aging populations. These concerns combined with the analysis of the income status of the elderly and their activities from the broad framework of the economics of aging. The rapid growth of support programs for the aged also has been the focus of considerable economic analysis. This review highlights the most important areas of research in the literature on aging. The first section discusses the determinants of population age structure changes and their impact on the size and composition of the dependent groups. The following section provides a review of the economic status of the elderly and the sources of income in old age. Section III incorporates the economic characteristics of the elderly into a life-cycle context while Section IV examines the empirical evidence concerning labor supply decisions of the aged. Social Security and private pensions and their influence on the economy are analyzed in Section V. The final section of this article reviews evidence on the interaction between aging and macroeconomic variables. (excerpt)

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