New ideas you need to know about the aging economy

Dealing with an ageing population is not just an economic issue. It is more important to listen carefully to the needs of older people and to give them better tools to interact with the world around them.
The launch of a Chinese version of “Better Old Age” by Joseph Coughlin, a renowned American gerontologist, is just in time. The author thinks deeply about the above problems and puts forward original opinions.
‘Longevity Paradox’

In “the better the elderly,” the authors from the medical and health industry, different perspective, such as human capital and the enterprise management to make an empirical analysis of the old economy, economy and industry development for the elderly myth explained, as a frontier science Angle of view to analyze the elderly economy, the importance of also emphasizes the risks and challenges at the same time.
In addition, the book from the perspective of developed countries, economic technical invention, pension for the elderly pattern, form a complete set of auxiliary tools such as new application put forward the unique idea, removed some blind spots for the development of our older economy, and particularly prominent in the book of the elderly in the advanced concept of humanistic care, social inclusion, stressed in an ageing population, From the perspective of moral ethics and humanities besides the perspective of economic industry.
The author starts from reflecting on the formation of today’s “view of the elderly”, explores the real needs of the elderly with positive and novel ideas, and specifically introduces how to use cutting-edge technology to help enterprises find the opportunity to enter the elderly economy. The first part of the book aims to crack people’s incorrect understanding of the elderly, pointing out that no matter how people ignored the needs of the elderly before, now facing the reality of aging, those who ignore the market needs of the elderly will miss a great opportunity. The second part aims to inspire scientists and companies in the field of products for the elderly to seize the opportunity of a product revolution if they can grasp the methods to understand the needs of the elderly.
In its introduction, the book proposes the longevity paradox. From worldwide, due to the relatively stable development environment, rapid economic development, improved living standards and health conditions and education technology progress all sorts of factors, such as the life of the people are generally in extended, longevity became a sign of an ageing population significantly, but followed by the society, enterprises and government departments may not be fully prepared, It is difficult to quickly adapt to the changing situation in the age of longevity.
Obviously, the acceleration of population aging on government spending, consumer demand and the industry layout will have a profound impact, and the real world is hard to have the layout of the frontier in response to these changes, most of the commercial society, consumption idea and technology application is biased toward the target consumer groups, in which the elderly are more or less ignored, Hence the “digital divide” and “generational consumption differences”. In addition to the economic and commercial aspects, the public still pays little attention to the elderly, and there is no corresponding system, mechanism and concept to guide them. Therefore, to deal with the problem of population aging, attention should be paid to changing the concept, and the elderly group into the world of common life.
Demographic reversal

Over the past 70 years, the global economy has benefited from several waves of “baby boomers” after World War II, including the United States, Europe and China, which have enjoyed a demographic dividend. This has not only boosted labor supply and manufacturing, but also generated strong consumer demand and sustained growth in trade. After the 1980s, developed economies took the lead in entering the aging society, which caused a series of problems, including the reduction of effective labor supply, the sharp increase of welfare security pressure and the continuous decrease of savings, and the contraction of domestic production and investment. According to the state of World Population 2021 annual report released by the United Nations Population Fund (UNFPA), the global average for people aged 65 and over is 9.6% of the total population of a country (or region). The reality is that population aging is accelerating around the world, and demographic reversals make it difficult to match our current economic development model with our business model. The elderly economy started relatively late, the development is not mature, is not the mainstream of economic and commercial society, and all levels of society to accelerate the arrival of the elderly society lack of innovative ideas.
The author also found that the population aging problem that used to trouble developed countries has emerged in some developing countries. About two-thirds of the elderly population live in developing countries, and the aging problem they are facing is as intractable as that of developed countries in the past. On the one hand, developing countries are still in the stage of economic catch-up and industrial transformation and upgrading, and their economies are not quite mature in various aspects, requiring a large number of labor forces. Once the demographic dividend declines and consumer demand changes, they may lose their advantages, and their driving force for sustainable economic growth may be weakened in the future.
On the other hand, the financial investment and corporate investment layout of the elderly industry in developing countries are still relatively weak, lacking the support of a relatively complete social security and welfare system, and the investment of enterprises in the elderly economy is relatively small, including commercial pension and the development of the third pillar are in the initial stage. It is difficult to meet the needs of living consumption, medical care, re-education and re-employment of the growing elderly population. This book discusses the good practices and problems of the elderly economy and related industries in developed countries, which will also give beneficial enlightenment to many developing countries in the accelerating stage of population aging.
Book presents some in the past has been hidden or hard to open discussion topics, such as the elderly’s sex life, the elderly social stratum differentiation and the gap between rich and poor, smart technology era of the “digital divide”, etc, these problems not only got more and more social scholars, economic scholars attention, also caused the attaches great importance to public organizations and government departments. To this, we should take scientific view and the view of scientific management to face these sensitive issues, including the basic life safeguard focus on urban and rural elderly, medical company and daily travel, study, etc., as far as possible through commercial endowment and community endowment, a variety of forms such as house and neighborhood assistance to provide the necessary supporting support, The elderly population in urban and rural areas, regions and groups will be taken care of in daily life, consumption, social security and other needs, so as to achieve better care.
, of course, these form a complete set of service can not only rely on the government organization, should also arouse public organizations, enterprises and volunteers, and other forces, to promote the elderly better adapt to the elderly life, better in the current era of information technology rapid development, and through the guide the whole society at different levels, fields and industries, to give more tolerance and care of elderly people.
Modern technology enables an aging economy

From scientific and technological level, application and consumption in the consumption of the mainstream in many developing countries is still a young group, including commercial advertising, the corresponding products and services, and various aspects have some from the phenomenon of the elderly, such as poor old food, not enough human technology and products for the elderly women scarce, The imbalance and inadequacy of the economic and industrial development of the elderly in some countries have been exposed.

Now, countries have realised the importance of the “silver economy”, placing high hopes on old-age technology and industry, and pouring capital into these industries, but the actual results have been pitiful. In other words, although there are many products or services for the elderly on the market, many of them do not improve the living conditions of the elderly to a great extent, and some facilities are even idle. The root cause of these phenomena is the focus on the “silver economy” itself, and the lack of humanistic perspective on what “better old age” means.
The author of this book offers insights on this, and is keen to correct them. In particular, he pointed out that the elderly industry should have full empathy and excellent design, convenient for the elderly group to use, provide more practical products, which can also form a positive feedback loop, promote the development of elderly consumption. In the development of the elderly economy, Japan has explored many rich industries for the elderly, which to some extent makes up for the lack of consumer demand of the young population in Japan and becomes an important driving force for the development of the Japanese consumer market.
The author in this book depicts the images of the modern science and technology can assign old economy and industry, through the technological invention and innovation to provide better service to the health of the elderly, in the process to overcome the barriers to technology research and development, including the difficulty of the product design and particularity, also put forward higher requirements for companies and investors, and to meet the requirement of special old age group, Let the elderly group in the use of these products and services can feel fun, have a better experience.
“The pursuit of happiness” is a frequent “word” in this book, which includes the fulfillment of physical health and psychological needs. Returning to the view of the “longevity paradox”, many elderly groups, after life extension, how to adapt to and integrate into the future life of old age is a newly emerging problem, including leisure, consumption, voluntary service and possible work, and pay more attention to the goals of later life. The example of Japanese society offers some clues. In Japan, an increasing number of elderly people are engaged in service jobs in various industries, including social welfare organizations, re-education and self-investment, to supplement the new labor force. At present, in China, the re-employment challenge of the elderly group also begins to emerge. How the government, enterprises and society establish and improve the corresponding special working mechanism, labor employment training mechanism and other issues are worth in-depth discussion.
In Japan, for example, since the 1990 s, Japan quickly into an ageing population, the 65 – year – old population proportion has reached above 29% (data) in September, 2020, and the synchronization is that Japan’s economy into a long-term “low growth, low inflation and high debt structure, the results show the decline in population growth, the economy continues to slow. Another important problem brought by global population aging is that the operation of high-welfare states will be greatly tested. After emerging markets and developing countries enter the aging society in advance, they need to vigorously improve the social security system and public health and medical system, and the financial expenditure in the old-age sector will increase.
The accelerated arrival of population aging will also have a certain impact on the current industrial structure, the gap between “silver economy” and “silver industry” urgently needs industrial policy adjustment. Japan as an ageing population, of course, the most serious of major economies, on how to effectively cope with aging has also accumulated rich experience, such as Japanese elderly food industry is developing fast, the health care industry, etc., and Japan in exploring medicare, health insurance fees, etc, have some mature experience and practice.
How to achieve “care for the elderly, medical care for the elderly, and work for the elderly” is a long-term topic that requires the participation of all parties, and the young should also participate in it, rather than turn a deaf ear to it. We should actively prepare for the aging of population in terms of policies, institutions, concepts and economic and industrial preparation. According to the predicted data, in a certain period of the future, the deep aging society will come as scheduled, and how to integrate into the accelerated aging society is a reality test that all people need to face.
The book concludes by arguing that building a future where older people can pursue their dreams, have fun, contribute and gain meaning is a valuable legacy for all of us. Therefore, we should explore the aged economy with positive and novel ideas and effectively deal with the aging population.

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