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Hope for Oldies

Schumpeter in The Economsit reviews success amongst entrepreneurs and suggests that “Experience continues to count for a great deal, in business as in other
walks of life?or, to borrow a phrase from P.J. O?Rourke, age and guile
can still beat ?youth, innocence and a bad haircut?.

“The evidence that older people are if anything becoming more
enterprising should help to calm two of the biggest worries that hang
over the West (and indeed over an ageing China). One is that the greying
of the population will inevitably produce economic sluggishness. The
second is that older people will face hard times as companies shed older
workers in the name of efficiency and welfare states cut back on their
pensions.

Here, Mr Cohen is a man for our times. In 2004 he faced financial
ruin when he discovered that his manager, Kelley Lynch, had
misappropriated most of his savings. He sued successfully but could not
lay his hands on the money. So he had no choice but to go back to work.
Mr Cohen told the New York Times that
reconnecting with ?living musicians? and ?living audiences? had ?warmed
some part of my heart that had taken a chill?. Let us hope the same is
true of the ageing boomers who will have little choice but to embrace
self-employment as the West’s welfare states discover that they cannot
keep their promises.”

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