11 - Population Aging Todays concepts 1 The world is...

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Population Aging Today’s concepts: 1. The world is getting older, much older. 2. How do we measure this? 3. Why do we care, what are the costs? 4. Are public transfers to the elderly fair? How do we measure population aging? Population median age- the age at which 50% of the population is older and 50% of the population is younger Dependency ratio: # of dependents (people age 0-14 + people over 65) divided by the # of supporters (people age 15-64) Old age dependency ratio: # old age dependents divided by # of supporters More developed countries are older than less developed ones, also see to have more of a dramatic increase (3-5 fold) Ratio of .1 means for every dependent person there are 10 working age Support ratio: # of supporters divided by # of dependents Old Age support ratio: # of supporters divided by # of old age dependents Relationship between aging and economic growth China- “The first country to grow old before it grows rich.” o “The momentum makes the problem difficult to see” – this is because the Chinese population is still constantly growing o GDP expected to decline: now is 5.4 working age adults for each elderly person, to 2.5 in 2030 and then to 1.6 in 2050 Demographic dividend- period when the labor force temporarily grows more rapidly than the population dependent on it- “window of opportunity” o Almost always the labor force is larger than dependent population o
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