14 DAY TRIAL // Of all the people one might expect to get a life lesson from, economy experts are probably last of the list. Philosophers, sure. Natural disasters survivors, why not? Economy experts – now that sounds off, especially when their life lesson is derived from mathematics.
Still, teaching folks how best to live their life is what Princeton University specialists are now trying to do with the help of a paper in the Journal of Mathematical Economics. In a nutshell, their message is as follows: just carpe diem already.
As detailed on the University's website, the paper in question looks at the economic inequalities that result from one person's untimely kicking of the bucket and another one's living long enough to give Methuselah a run for his money.
One does not have to be an economy expert to figure out that, when compared to those to make it to an impressive age, those who die rather early suffer considerable losses as a result of the fact that they never get to consume as much as they might have liked to.
The Princeton University researchers claim that this constitutes an economic inequality that requires compensation. However, since the person who fell victim to this inequality is resting six feet under, providing compensation is out of the question.
To resolve this issue, the economy experts say that, while in their youth, people should work less and spend more money. This way, even if they happen to die early, the gap between them and those who live to celebrate their 100th birthday will not be that great.
“The only way in which inequalities between short- and long-lived can be attenuated is by having everyone spend a little more and work a little less early in life,” specialist Marc Fleurbaey sums up the findings of this investigation.
“That way, for those who are unlucky and die prematurely, their life is not as bad economically as it would be if they had planned to enjoy more consumption and leisure later,” the researcher goes on to explain his and his colleagues' claim that people should carpe diem while still young.
In order to examine the economic inequalities resulting from untimely death, the Princeton University economy experts and their colleagues used information concerning income and longevity in France. It was thus discovered that, regardless of how much money they make, French people who die at the age of 55 lose the equivalent of 40% of their income.