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Aging and the interaction between education, retirement and the working life

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  • Dirk-jan Omtzigt

Abstract

Population aging and the burden it imposes on state finances is one of the major economic challenges governments around the world face. Responses are formulated in terms of either increasing employment (for example by raising the retirement age) or increasing productivity (investment in education). This paper brings together these two responses in a unified framework and shows how the individual`s education and retirement decisions are affected by population aging - caused either by a fall in the population growth rate, or an increase in life expectancy - and the budget balancing mechanism of the public pension systems. We discuss how a budget balancing mechanism can be informed by fairness considerations and we show that early retirement can be the result of the application of Musgrave`s rule in response to a fall in fertility.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 274.

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Date of creation: 01 Aug 2006
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Handle: RePEc:oxf:wpaper:274

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Keywords: Aging; Fairness; Education; Retirement;

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  1. Eytan Sheshinski, 2003. "Optimum Delayed Retirement Credit," CESifo Working Paper Series 889, CESifo Group Munich.
  2. Rodrigo Soares, 2006. "The effect of longevity on schooling and fertility: evidence from the Brazilian Demographic and Health Survey," Journal of Population Economics, Springer, Springer, vol. 19(1), pages 71-97, February.
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