Older populations will obviously bring a boom to medicine & pharmaceuticals as more people seek treatments for the maladies commonly associated with aging. This trend will also bring massive investment in treatment methodologies with progress towards cures for many of the worst ailments, such as heart disease, cancers, and degenerative brain & motor disorders, as well as memory enhancement, mental acuity, and rejuvination. The aging populations of the West will be an engine that drives advancements in medicine and biotechnology for some time.
This boom in the marketplace for medical services will also reinforce longevity. Thus, aging Boomer & Generation X populations will likely be more productive than previous generations (and, conversely, will consume more resources for longer). A benefit (or perhaps a downside, depending on perspective) is that working age will be longer, extending well into the 70’s. Thus, the working-age labor pool will also age with the population leading to shifts in productivity, eg from manual labor to knowledge work. The current financial woes resulting from capital flight out of western markets reinforces this sentiment that younger populations will be the future powerhouses of economic development. Tomorrow’s seniors will need to work to remain valuable.
Older populations will stay in power longer, possibly bringing a more measured degree of experience to governance. Conversely, aging rulers may be increasingly out of touch with younger generations and the acceleration of technology. Indeed, aging populations will bring demand for advanced education & vocational schools. With longer working lives comes the need to re-skill and seek training to keep up with technology. It is no longer enough to have 1 college degree & then sit on a job for 30 years.
Ideally, an aging populace will have a deeper understanding of legacy and the impact of one’s life on that of future generations. Again, an empowered and educated senior class might exert a positive influence on ecology, ethics, development, education, and social justice. Another side-effect of aging populations is the likelihood that violence will decline and cities will become safer as the balance of testosterone diminishes.
These trends will likely occur throughout the West where first-world nations are experiencing a decline in birthrate and resultant aging of populations. Interestingly, the developing world is following an inverted demographic trend: younger populations are swelling, along with capital investments looking to incubate growth in young markets. Thus, a challenge for the aging West will be to remain relevant and valuable to emerging economies. Expect mentor programs to arise as successful Westerners incubate and guide growth & sustainability in emerging markets. Also expect conflicts as young upstart nations seek to intrude on & displace aging populations (and another possible boom in security services).