RETHINKING ABOUT AGING AND ECONOMICS: LONGEVITY ECONOMY
RETHINKING ABOUT AGING AND ECONOMICS: LONGEVITY ECONOMY

Author(s): Ivana Barković Bojanić, Nataša Drvenkar
Subject(s): Economic policy, Demography and human biology, Gerontology, Socio-Economic Research
Published by: Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku
Keywords: population aging; demographic shift; longevity economics;
Summary/Abstract: The purpose of this paper is to discuss the longevity economy in terms of two critical demographic trends – one is related to the increasing number of older people worldwide, and the other is associated with the lengthening of human life (a.k.a. longevity) driven by advancement in medicine and health care. Both trends have a profound impact on the economy and society. Based upon demographic statistics and other relevant economic data, the paper will bring to the attention selected age-related issues such as labor market and retirement, productivity, consumption, finance, etc. By investigating these issues, busting myths about older persons and their negative impact on the economy along the way, we are considering this cohort of people to be a resource, not a burden to the economy and society, providing that government becomes more proactive in designing policies that are inclusive and supportive of older people. The same holds for the business sector when considering the goods and services provided for older people and by older people. Acknowledging the potential of older people, one can consider longevity beneficial to current and future economic prosperity.

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