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The promise that each generation will be better off than the last is a fundamental tenet of modern society. By and large, most advanced economies have fulfilled this promise, with living standards rising over recent generations, despite setbacks from wars and financial crises.In the developing world, too, the vast majority of people have started to experience sustained improvement in living standards and are rapidly developing similar growth expectations. But will future generations, particularly in advanced economies, realize such expectations? Living standards around the world continue to rise.A second set of problems concerns the need to ensure that the economic system is perceived as fundamentally fair, which is the key to its political sustainability.The third problem is that of aging populations, an issue that would pose tough challenges even for the best-designed political system.Will each future generation continue to enjoy a better quality of life than its immediate predecessor?In advanced economies, though the answer should still be yes, the challenges are becoming formidable.
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