Juanita M. Kreps

AGE, WORK, AND INCOME

The insecurities and vagaries of old age, intensified by unstable employment and recurrent poverty at earlier ages, made collective economic strategies imperative for the family unit. The functions of old people in the late nineteenth and early twentieth century can be better understood within the framework of the family economy. Work careers and family organization were clearly intertwined, and reciprocity among family members along the life course was essential for survival in old age. Exchanges across generations were critical for the survival of old people, particularly in the working class, as an intensifying industrial system was gradually ousting them from their jobs without providing public-welfare mechanisms for their support [14, 21].

Employer-Provided Health Care Plans for Retirees

Many large employers extend health care coverage to retired workers. The unfounded liabilities associated with these plans are large and growing rapidly. Currently, there is relatively little explicit federal regulation governing the administration and funding of these plans. As a result, public policy is evolving through a series of court decisions and FASB guidelines. This article examines the incidence of retiree health insurance, the economic issues involved in this type of compensation, and the emerging public policies associated with employer-provided health insurance for retirees.

Economics of Aging: Work and Income Through the Lifespan.

One of the things we know for certain about any age group is that it has no future. The young become middle-aged and the middle-aged become old and the old die. Consequently, the support which the middle-aged give to the young can be regarded as the first part of a deferred exchange, which will be consummated when those who are now young become middle-aged and support those who are now middle-aged who will then be old. Similarly, the support which the middle-aged give to the old can be regarded as the consummation of a bargain entered into a generation ago [Boulding, 1961].