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This book integrates the economics of aging and insight based on
political economy and explores generational conflict in the context
of governmental spending. This problem is general, as the Covid-19
pandemic has highlighted: lockdowns protect the elderly, but hurt
the young. Policies to address global warming impose taxes on the
elderly, but would bring benefits largely in the future. This book
addresses intergenerational problems by placing its focus on budget
allocation, taxation, and regulation. By using Japanese and US
data, the authors conduct statistical analysis of whether regions
with aging populations may adopt policies that generate benefits
during a short period of time instead of policies that could
benefit current young generations for an extended period of time.
If the policy preferences of voters depend on their age, and if
policy adoption by a government reflects public opinion, the change
in demographic composition in a region may affect governmental
policies. In an aged society, the elderly are pivotal voters.
Budgets may be reallocated from policies favored by younger
generations, such as education, to policies the elderly prefer,
such as welfare programs. This generates an intergenerational
externality problem: voters with short life expectancy do not take
into consideration long-term benefits. Moreover, the current tax
bases may be replaced by other tax bases that do not harm the
elderly. The results reported in the book largely support these
hypotheses. Evidence also shows that the gender and racial
composition and institutional factors, including the extent of
fiscal decentralization, are important in anticipating effects of
population aging in other countries.
This book integrates the economics of aging and insight based on
political economy and explores generational conflict in the context
of governmental spending. This problem is general, as the Covid-19
pandemic has highlighted: lockdowns protect the elderly, but hurt
the young. Policies to address global warming impose taxes on the
elderly, but would bring benefits largely in the future. This book
addresses intergenerational problems by placing its focus on budget
allocation, taxation, and regulation. By using Japanese and US
data, the authors conduct statistical analysis of whether regions
with aging populations may adopt policies that generate benefits
during a short period of time instead of policies that could
benefit current young generations for an extended period of time.
If the policy preferences of voters depend on their age, and if
policy adoption by a government reflects public opinion, the change
in demographic composition in a region may affect governmental
policies. In an aged society, the elderly are pivotal voters.
Budgets may be reallocated from policies favored by younger
generations, such as education, to policies the elderly prefer,
such as welfare programs. This generates an intergenerational
externality problem: voters with short life expectancy do not take
into consideration long-term benefits. Moreover, the current tax
bases may be replaced by other tax bases that do not harm the
elderly. The results reported in the book largely support these
hypotheses. Evidence also shows that the gender and racial
composition and institutional factors, including the extent of
fiscal decentralization, are important in anticipating effects of
population aging in other countries.
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