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Should the Government Raise the Retirement Age?
Open to Debate
Embrace Change for Economic Growth
An increase in workforce participation generally benefits the economy, but there are occupations where older workers may hinder opportunities for younger, more productive individuals. Specialized roles, like professors, can perpetuate barriers to advancement when older professionals delay retirement for financial reasons. This can prevent younger talent from entering the field, impacting overall productivity. While older workers bring valuable experience, they may struggle with adaptability to new technologies. The notion that more workers necessarily equals fewer jobs—known as the lump of labor fallacy—can be misleading; job markets can adjust, although rapid changes or economic disruptions may create temporary imbalances.
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