Professor Kim Schoenholtz weighs in on how Japan and other advanced economies can tackle the challenges of high government debt and aging populations
Excerpt from The International Economy -- "Many advanced economies, especially those in Western Europe, as well as China, will face a version of this disease in the next decade or so. They too have high government debt and aging populations.These countries need to redesign pension and healthcare systems to manage the wave of people that everyone knows is coming. This will involve lengthening working lives, increasing saving, encouraging female employment and immigration in places where it is low, and possibly reducing the generosity of planned benefits. Only then can we maintain standards of living. Hopefully Japan will show us the way."