Everything is “intergenerational”

Many economic problems result in intergenerational inequalities between the “young” and the “old”. This is the case in particular with: The inefficiency of the education system, which in many countries generates a serious problem of youth skills; The highly expansionary monetary policies, which drive up asset prices, especially in real estate, leading to intergenerational wealth inequality and difficulties in accessing housing for young people; The high weight of public spending on pensions (in countries where this is the case), which leads to a high tax burden and job losses; The automation (robotisation) of the economy, which skews the structure of jobs towards low-skilled service jobs. And all this is in addition to the climate and environmental problems. Economic policies must therefore always be viewed in terms of their intergenerational effects.