In these remarks we first show how global demographic change is driving pension change throughout the world. Next we describe and compare developments in old-age provision over the last decade in Australia and the United States, and outline the key issues facing retirement systems in both nations. There are many differences between the experiences of the two countries, but as we shall show there are also common themes. Finally we identify key pension reform design issues facing Australia and the US in the upcoming decades. Individuals optimally choose the dates at which they leave school to enter the labor market and at which they retire.
Endogenous growth arises thanks to the accumulation of generation-specific human capital.
Favorable shifts in the survival probabilities always induce longer schooling and later retirement but have an ambiguous effect on growth. Increases in longevity can be responsible for a switch from a no-growth regime to a sustained growth regime and for a positive relationship between fertility and growth to vanish. The quality of the electronic full text of this paper is poor at this time. With respect to unemployment duration, we find that technical education helps prime age workers to find a job. However, for older workers education seems to have a negative impact in order to leave unemployment.