The study of elderly entrepreneurship and its potential impact on labor, Social Security funds and regional economic growth is of significant importance, particularly for the US economy where population aging coincidentally intersects with the economic shift to a “knowledge economy”. On the one hand, aging, combined with a declining average retirement age, is expected to result in labor force shortages and Social Security fund exhaustion; yet on the other hand, the “knowledge economy” could elevate the value of elderly human capital as the “knowledge economy” is less physically demanding and more human-capital- and knowledge-based.

Building on the utility maximization theory, economic growth theories and social theories of aging, this timely book addresses the old-age effect on entrepreneurial propensity; the sources of seniors' entrepreneurship, including the social and policy variables affecting seniors' entrepreneurship; and the economic, fiscal and labor impacts of elderly entrepreneurship.

Contents:

• Socioeconomic Background: Aging Population, Resulted Labor and Fiscal Crises, and the Possible Solutions
• Elderly Entrepreneurship to Sustain the Labor Force: Possibilities and Necessities
• Literature Review: Previous Studies
• Theoretical Framework
• Age and Entrepreneurship
• Social and Policy Factors for Elderly Entrepreneurship
• Regional Distribution of Elderly Entrepreneurship
• The Impact of Elderly Entrepreneurship on Metropolitan Economic Growth
• The Labor and Fiscal Impact of Elderly Entrepreneurship
• Conclusion and Future Research

“Entrepreneurship is a hot topic. It is such because it embodies the very essence of leadership and the very best of the human spirit. While for many years entrepreneurship has been identified with youth — youth invent the future — today the frontiers of entrepreneurship are being explored not only among the youth but also as aspect of an aging society. This book explores for the very first time the intersection of entrepreneurship and an aging society. The enduring human spirit is unleashed in full blossom and the results are exhilarating and promising for all of mankind.”

“This important new book makes a compelling case that entrepreneurship is not just for the young. Ting Zhang shows that, in fact, the elderly are the stealth entrepreneurs making a crucial contribution to jobs, growth and competitiveness.”

“This book examines the important but over looked topic of entrepreneurship among elderly individuals. Entrepreneurship is often considered an activity for the young but this analysis demonstrates the economic development potential embodied in the skilled human capital of older individuals. Drawn from Ting Zhang's thesis this book synthesizes the literature from a variety of disciplines to describe the phenomena of elderly entrepreneurship and explore its public policy implications. The methodology spans both individual-level models as well as aggregate growth models to consider the implications of the aging population. This book clearly demonstrates that entrepreneurship can be a lifelong activity.”

“Zhang’s work provides fresh and new insights into public policy issues regarding the aging of society, […] whether they will in large measure remain a large dependency group or far more economically productive one. [It also]suggests significant new approaches may be available to transform a part of the elderly dependent group into a highly productive one that not only creates jobs for its own but also for other younger persons in the labor pool.” — excerpts from Foreword.”

“While the trouble with the social security system is primarily driven by demographics, and there is not much we can do to change the existing demographics, Ting Zhang’s monograph does provide a glimpse of hope that the magnitude of the problem may be lessened .“ — excerpts from Afterword.”