The Modern Money Theory approach to provisioning for an aging population

Yeva Nersisyan, Xinhua Liu and L. Randall Wray

Chapter 20 in The Elgar Companion to Modern Money Theory, 2024, pp 264-273 from Edward Elgar Publishing

Abstract: The aging of the global population has been a topic of debate ever since it was reported that China’s population fell as deaths surpassed births. Pundits worry that China is a warning of what to expect in other populous countries. This chapter argues that most of the discussion and policy solutions proposed surrounding aging of populations are misfocused on supposed financial challenges when they should be directed toward the challenges facing resource provision. From the resource perspective, the burden of caring for tomorrow’s seniors seems far less challenging. With fewer children and longer lives, investment in the workers of the future will ensure growth of productivity that will provide the resources necessary to support a higher ratio of retirees to those of working age. Rather than facing a demographic “time bomb,” we can welcome the transition to a mature-aged profile.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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