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On the Limits of Chronological Age

Author

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  • Rainer Kotschy

    (Harvard T.H. Chan School of Public Health, Boston, Massachusetts, USA
    National Bureau of Economic Research, Cambridge, Massachusetts, USA
    CESifo, Munich, Germany)

  • David E. Bloom

    (Harvard T.H. Chan School of Public Health, Boston, Massachusetts, USA
    Centre for Economic Policy Research, London, United Kingdom
    National Bureau of Economic Research, Cambridge, Massachusetts, USA
    Institute for Labor Economics (IZA), Bonn, Germany)

  • Andrew J. Scott

    (London Business School, London, United Kingdom
    Ellison Institute of Technology, Oxford, United Kingdom
    Centre for Economic Policy Research, London, United Kingdom)

Abstract

Analysis of population aging is typically framed in terms of chronological age. However, chronological age itself is not necessarily deeply informative about the aging process. This article reviews literature and conducts empirical analyses aimed at investigating whether chronological age is a reliable proxy for physiological functioning when used in models of economic behavior and outcomes. We show that chronological age is an unreliable proxy for physiological functioning due to appreciable differences in how aging unfolds across people, health domains, and over time. We further demonstrate that chronological age either fails to predict economic variables when used in lieu of physiological functioning or predicts additional effects on economic behavior and outcomes that are largely unrelated to physiological aging. Continued reliance on chronological age as a proxy for physiological functioning might impede the ability of societies to fully harness the benefits of increasing longevity.

Suggested Citation

  • Rainer Kotschy & David E. Bloom & Andrew J. Scott, 2025. "On the Limits of Chronological Age," Annual Review of Economics, Annual Reviews, vol. 17(1), pages 151-173, August.
    • Handle: RePEc:anr:reveco:v:17:y:2025:p:151-173
    DOI: 10.1146/annurev-economics-080824-112429
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    Cited by:

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    2. Scherbov, Sergei & Sanderson, Warren C., 2025. "Aging and age selectivity: Exploring differences across time and space," The Journal of the Economics of Ageing, Elsevier, vol. 31(C).
    3. Bloom, David E. & Scott, Andrew J., 2025. "Introduction to this Special Issue: The Economics of Ageing," The Journal of the Economics of Ageing, Elsevier, vol. 32(C).

    More about this item

    Keywords

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    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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