New economic arguments for accelerating aging research - Alex Zhavoronkov
While the doubling of the life expectancies in the developed countries in the 20th century can be attributed mostly to decreases in child mortality, trillions of dollars spent on the biomedical research by the governments, foundations and corporations over the past sixty years are yielding longevity dividends in the older population. When increases in life span will occur after the retirement age and extend the "last mile", unless the retirement age is proactively adjusted, the net economic effect of these increases is negative. We introduced several new parameters that can be applied to the established models of the economic growth: the biomedical progress rate, rate of clinical adoption and the rate of change in retirement age. The biomedical progress rate is comprised of the rejuvenation rate, extending the productive lifespan and the non-rejuvenating rate, extending the lifespan after the age at which the net contribution to the economy becomes negative. By extending the Solow model we provided an example of the relations between these new parameters in the context of the demographics, employment and labor, households and the firm. The new model provides new economic arguments for refocusing the research activities towards projects that increase healthy productive lifespan.