A coda to this piece.
The return to experience is a way to describe what you get in return for aging. It describes the increase in wages that workers normally see throughout their careers….
…“This decline in the return to experience closely matches the decline in attachment to the labor force,” Case and Deaton wrote. “Our data are consistent with a model in which the decline in real wages led to a reduction in labor force participation, with cascading effects on marriage, health, and mortality from deaths of despair.”…
…If returns to experience are in decline, if wisdom no longer pays off, then that might help suggest why a group of mostly older people who are not, as a group, disadvantaged might become convinced that the country has taken a turn for the worse.