Business Implications for an Aging Developed World
In the coming few decades, there has been enormous evidence pointing to an aging population, mostly in the developed world. The latest UN statistics show that the median ages in most developed nations, have increased significantly in the past couple of decades. Based on a literature review and using a grounded theory approach, we identify demographic, socio-cultural, and economic/ environmental, as antecedent factors primarily responsible for the aging in the developed world, followed by a discussion of possible consequential factors such as impact on quality of life, slowdown in productivity, and changing geo-political dynamics. Business and society implications of this phenomenon and how it impacts the business systems, specifically, production, distribution, consumption and institutional systems are also discussed.