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Ageing population and the economy - Essay Example

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Possible solutions to these problems are proposed, resulting in numerous programs that are formulated, designed, and implemented to address…
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Ageing population and the economy
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Ageing Population and the Economy Affiliation: The ageing population faces diverseand dynamic problems that can be psychological, cultural, social, economic, or political in nature. Possible solutions to these problems are proposed, resulting in numerous programs that are formulated, designed, and implemented to address existing and emerging problems or issues. Older people in the economy are regarded as the pace setters of both social and economic change, due to their contribution in the economy prior to their old age (Lee & Mason, 2011). In this regard, they are as important as everybody else in the economy. Enhancing their welfare is vital in the light of commending them for their contributions in every aspect of the economy before their old age renders them dependent on the rest of the population.
There are myriad possible solutions to the problems with older people in the economy, and so are the bases of their functionality in solving the underlying problems (Gruescu, 2007). One of the programs that could solve the problems with ageing population is having benefits to higher incomes eliminated. The performance of the economy highly depends on the activities that its population engages into. High income earners have a high potential to maintain themselves throughout their lives. However, care should be taken not to overestimate the potential of an individual high income earner. The choice behind this program is the fact that high income earners can effectively accumulate wealth through mobilizing their resources into profit making activities. Eliminating benefits to high income earners would ensure that the disadvantaged population fully benefits from the set programs, as opposed to distributing benefits to the entire ageing population regardless of individual economic potential.
Retirement age is a critical factor that influences problems with older people in the economy, and many people in the economy, ageing population included, argue that retirement age curtails the working potential of the ageing population in the economy (Lee & Mason, 2011). Raising retirement age would significantly address problems associated with older people in the economy. This is due to the fact that the move would lower dependency ratio among the ageing people, thereby allowing younger populations to accumulate the part of wealth that they would have instead directed to the older people. On the same note, the ageing population will be engaged into work activities that will keep them occupied. Their psychological welfare would be enhanced in the process. These two critical aspects inform the choice behind raising retirement age as a program that would address ageing population problems.
Government expenditure is hugely funded by taxes imposed on individuals, corporates, and agencies in the economy. A significant proportion of government-run programs depend on taxation. Solutions to the problems with older people in the economy could encompass increased taxation for the purpose of collecting more tax revenues (Vettori, 2010). Selecting increase in taxes as a possible solution to ageing population problems is informed by the fact that taxes are imposed based on the party’s ability to pay. Increasing taxes would still take into account individual economic differences amid raising additional tax amounts that can be used to enhance the welfare of the older people. Doing so would further result in the alleviation of the underlying problems with the ageing population in the economy.
The economy is moved by different people and different economic activities. The older people, just like any other person have a role to play in the welfare of the economy. On the same token, they continue to be useful to economic pursuits, although their direct input to economic performance declines as their age advances. Their direct or indirect involvement in cultural, social, economic, and political activities enhances the overall of the society. It is, therefore, vital to address the underlying issues or problems with ageing population.
References
Gruescu, S. (2007). Population ageing and economic growth: education policy and family policy
in a model of endogenous growth. California: Physica-Verlag.
Lee, R. & Mason, A. (2011). Population Aging and the Generational Economy: A Global
Perspective. New York: Edward Elgar Publishing.
Vettori, S. (2010). Ageing Populations and Changing Labor Markets: Social and Economic
Impacts of the Demographic Time Bomb. New York: Gower Publishing, Ltd. Read More
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