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At the root of the 'austerity' debate in the UK and across Europe is a desire to reduce the debt we hand down to future generations and to bolster the intergenerational contract. Longer life expectancy and lower birth rates have put enormous strain on our welfare and healthcare systems and unbalanced the burden sharing between old and young, leaving fewer young people to pay for the care of more and more old people.
The University of St Gallen’s Martin Eling, professor of insurance economics, an expert on pension reform, has scripted this insightful video, which highlights the factors that strain the intergenerational contract and offers some potential solutions. His remedies include: working a few years longer, automatic debt brakes, additional nursing-care insurance in old age, a progressive immigration policy and more children. Most controversially he says that help from outside is necessary when the demand for workers cannot be met domestically, so countries should welcome new, skilled workers from other countries into their labour pool.
Further Information This is the ninth animation video in the Little Green Bags series of films produced in cooperation with the Zürich-based animation studio Zense and film director Andri Hinnen, a HSG graduate (SIM-HSG). Prof. Dr. Thomas Beschorner, director of the Institute for Business Ethics, is the chief scientist of the animation film series.
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