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kraryal comments on The Robots, AI, and Unemployment Anti-FAQ - Less Wrong
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Only marginally related to the topic -- not sure if this belongs here or to the Open Thread:
What do people think the effect of raising or lowering the retirement age would be on unemployment? Intuitively, I'd guess that lowering the retirement age means that more old people will retire, and more young people will be needed to take up their jobs, lowering the unemployment rate (and effectively transferring wealth from old to young generations). But I can remember very few people (almost exclusively in meatspace) ever suggesting lowering the retirement age to combat unemployment -- and indeed governments all over Europe have been raising it. Is that another case of “people are crazy, the world is mad”, or am I missing something?
Lowering the retirement age also increases the number of people receiving pensions and other retirement benefits; many of those benefits are underfunded (depending on country) and quite expensive to pay out.
New, young workers also tend to come in at lower pay scales than older workers leave. Those two effects can plausibly increase the cost to government of retirement, so they don't want people to retire early. That might also function as a wealth transfer from elderly people to corporations (or shareholders) too.