Grand Challenges of Our Aging Society Workshop Summary (2010) / Chapter Skim
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4 Macroeconomic and Financial Impacts
4 Macroeconomic and Financial Impacts
Pages 23-30
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From page 23... ...
GENERAL MACROECONOMIC OVERVIEW Axel H Börsch-Supan Mannheim Research Institute for the Economics of Aging and Uniersity of Mannheim Basic economic inputs -- volume of labor, productivity of labor, and capital supply -- are affected by an aging society.
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Later, in responding to a question regarding globalization and the loss of jobs offshore, Börsch-Supan offered his view that jobs requiring experience will not be transferred to offshore locations. He speculated on a multitier system and a new international division of labor in which production might be offshore in developing countries while design and innovation remain in developed countries.
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Such a profile is not generally associated with high savings rates, yet the Chinese are perennial high savers. The United States is aging and people should be saving more, yet 2005-2007 saw a record low personal savings rate.
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The overall current account deficit has resulted in the United States attracting funds from overseas because domestic savings are insufficient. Some patterns are changing now.
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Allocating resources across the entire life cycle can be a challenge. A third concern is the age structure of the population and the impact of a large number of old people relative to a small working-age population.
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Thus, far lower fertility rates have resulted in a demographic dividend, with fewer children dependent on workers. However, if fertility rates fall below replacement levels and the population ages, the result will be increasing dependency on the workingage population.
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One very compelling problem in the area of migration is the importation of health care workers to care for aging populations. Health care workers trained at public expense in developing countries then migrate to developed countries to meet the demand for care of older people.
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