The Myth of the Aging Society
May 31, 2018 by Andrew Scott
Economic doomsayers have long warned that the aging populations of industrial and post-industrial countries represent a “demographic time bomb.” Societal aging is bad news for the economy, they say, because it means that fewer people work and contribute to economic growth, and more people collect pensions and demand health care.
The argument that aging will weaken these countries’ economies stems from what economists call the old-age dependency ratio (OADR)—the proportion of the population over 64, relative to the working-age population (those aged 15 to 64).
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