INTERGENERATIONAL INDEPENDENCE, COOPERATION AND JUSTICE IN AGEING SOCIETY

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Intergenerational independence, cooperation and justice is a key concept to reveal and clarify the nature, trend and economic implications of population ageing in Japan. Based on over-rapping generation and life cycle model, it is shown that intergenerational wealth transfers among family members and between households and markets are essential and their economic function is not negligible in macro economy. It is important from the long run perspectives to enlarge the pie itself to share rather than to increase the share of the particular generation, to enhance the efficiency of the pension and insurance markets for life cycle planning, and to maintain intergenerational independence, cooperation and distributional justice over generations.Current low fertility in Japan is characterized by the increased proportion of females who have no child. Assuming some specific distributions of indifference curve at the corner solutions, it is shown that the increase in physical and opportunity cos … More t of children leads to an increase in their proportion. Since the cost of child-rearing has increased drastically, the effect of political measures is expected to be small and limited taking intergenerational wealth transfer among family members into account. It is shown that an increase in the proportion of the household with intended bequests leads to a higher fertility.The result of an application of the job search model to the effect of social security on the job search and job participation after retirement, and that of sample schedules of age specific pension premium to ensure the reliability of the public pension scheme, the market trend and issues of private pension which compliment public pension scheme, and the effects of health, economic and social relationship factors on anxiety of upper middle aged males are shown.Dr.John P.Laitner, Professor of the Department of Economics of the University of Michigan and Visiting Research Scholar of Kansai University, joined the research and presented his working paper on the effect of old age uncertainty on the life cycle planning. Less