Posted 02/19/2009 - 03:54:15pm by Rob Perhamus in Encore Colleges

I posted the following in the Economist today. My post about the economics of boomers returning to college received quite a few recommendations from readers.

Mysteriously, we seem to be ignoring the realities and the impact of global aging and structural unemployment. I am a mid lifer, engineer and MBA with 30 years in manufacturing. Personally, I just don't need as many manufactured products as I have for the past 30 years. Productivity gains reduced employment in farming from 90% to 1% of the population. Manufacturing employment has dropped from 30% to 8% and continues to decline. This is not a sudden collapse. It has been on the decline for 50 years. Wouldn't it be rather socially irresponsible of me to hope that other people, through taxation, would pay me to farm or manufacture or build things we just don't need?

Big homes in the suburbs, cars, and toys are no longer as appealing as work that matters. This happens to many who age, where priorities in life change. I would prefer to work for less, and help with global poverty, education, global warming, health or contribute in other ways to give back to society. But to work for less, I would need to live and be re-educated for less, and I would want the company of my cohorts. It's rather scary to think that overindulgent baby boomers would slow their spending, but the facts are, they will- or perhaps they have, so we need to move beyond that. "Strategy", or common sense, often has to do with abandoning what is no longer needed.

Government could expand urban university campuses, providing low cost housing with public transportation. The cost of living portion of resident student life is quite efficient and inexpensive. Mid lifers could be re-educated in more relevant occupations to do things that matter, but perhaps for less pay. I am not suggesting a welfare state on university campuses. I am suggesting a "university lifestyle" that would enable aging people, such as myself, to continue working in something meaningful until close to death, rather than expect or feel entitled to 20 to 30 years on the dole. My daughter suggested we rename Ivory Towers, Salt and Pepper Towers. Many of life's greatest heroes, across many cultures and throughout history, die penniless, but made a difference. And many did not begin their "significant" work until mid life. Perhaps leaders in higher education and the public will see the human capital in resident mid lifers as happy, but low cost administrators and instructors. It will of course require some heavy duty marketing to break down the cultural barriers of "how we do things around here". Who would employ a recently retrained 55 year old to work in a completely different field?

Cheers,
Rob

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