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Term 2 - Online
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The subject examines the influence of private and public/government decision-making on the economic well-being of older people. These decisions include private decisions to prepare for old-age and to live through old-age by saving and managing assets such as housing, superannuation, annuities and other assets and government decisions to provide income support, health care and regulations that aim to protect old people. The influence of behavioural biases, as uncovered by behavioural economics, will be discussed. The subject also covers how an ageing population exerts upward pressure on the taxation required to finance government activities and services for the aged and how this may affect the ‘social contract’, in which the young assist the old in expectation of assistance when they are old from succeeding generations.
Intended learning outcomes
On completion of this subject, students will be able to:
- Analyse how people can make rational decisions to prepare for and live through old age/retirement.
- Critically evaluate government policies that address the economic implications of population ageing, including health, disability, housing and employment.
- Recognise and assess the impact of the prospective fiscal pressure from an ageing population on the future of the welfare state.
- Develop an evidence-based argument outlining a set of recommendations for an economic policy.
Students will be provided with the opportunity to practice and reinforce:
- Develop comparative policy analysis and research skills.
- High level written communication skills.
- Create and advance persuasive arguments on a given topic.
- Demonstrate problem solving skills.
Last updated: 30 October 2023