The old age myth?

Joseph Goodman said in his book, The Longevity Economy, “old age is made up.” He argued the idea of being old is socially constructed. That is, someone said old people are less capable and shouldn’t do as much. Old people should be satisfied with just puttering around.
Considering how the world’s demographics are skewing older, it’s time to rethink that idea.
Why is the world growing older?

• More people are living longer.
• Birth rates are declining.
• There are a lot of Baby Boomers around.

Another way to look at it, according to Goodman:

• “… The emerging population of older adults isn't just big. It's so enormous, it's as though a new continent were rising out of the sea, filled with more than a billion air-breathing consumers just begging for products that fulfill their demands."
• "Societies won't just be older; they will function differently."
• "… consumer demands will change right at the moment that spending by older adults (and on older adults) skyrockets."

What does this mean for the economy?

• "… aging leads to shifts in spending patterns that might once have been considered immovable."
• "The sheer rate of growth of the older population in the majority of countries guarantees that future spending on a global scale will dwarf current levels."

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