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Conference on: Health , Longevity, and Productivity Panel discussion

Conference on: Health , Longevity, and Productivity Panel discussion. Pier Carlo Padoan. Two very stimulating reports. Reading them as one ….makes them even more stimulating

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Conference on: Health , Longevity, and Productivity Panel discussion

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  1. Conference on: Health , Longevity, and ProductivityPanel discussion Pier Carlo Padoan

  2. Two very stimulating reports Reading them as one ….makes them even more stimulating • A) Ageing related problems may be lessdependent on demographics and more dependent on policies, incentives, regulations, than we used to think… • B) The interaction between health care and social security might take a positive bend if the right choices are made

  3. A Virtuous Circle? • More healthy ageing • More productivity (the DOPS report) • Increase in labor supply • Increased incentives to work • Higher old age productivity • More savings/investment • More educated people • Better human capital (individual productivity deteriorates if no investment in human capital, IOSW report) • Less pressure on social security • More investment in health/innovation

  4. What needs to be done?(a reply to the chair’s issues for discussion) Set up an incentive “package” • More freedom of choice about retirement age and re-entering the labor market • More investment in one’s human capital/healthy ageing • Reduce fixed costs in employment protection • Increase gradually severance

  5. And also… • Increase effectiveness of health care (through more competition?) • Improve Life Long Learning also by making it more valuable to employers

  6. And also… • Improve information (if we want to have the right reaction to the right incentives) • …for workers about trade offs in choosing retirement age • … for employers about age/productivity links (which requires better understanding of team productivity) • Otherwise, self fulfilling prophecies: older workers have low productivity because everybody thinks they do

  7. Other issues raised by the reports: (1) political economy Ageing increases the political cost of implementing pension reform as the median voter gets older. The window of opportunity is rapidly fading away Should reform oriented political strategy be targeted to a package of (healthy) ageing reforms (pension/health care) rather than keeping the issues separated ? (Or at least a tight sequencing?) Would better information about the trade-offs help? Would it be appropriate/feasible to define minimum health provision standards?

  8. Other issues raised by the reports: (2) innovation and growth Health industry promises to be a growth and productivity driver thanks to innovation (not only in pharmaceuticals). It could help develop EU comparative advantage in medical products and services. Is there scope in moving towards EU level incentives, regulations and standards to minimize barriers related to country specific governance structures (e.g. defining the relationship between hospitals /universities, etc.)?

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