The Silver Economy as a Constructive Response in Public Policy on Aging

The paper presents the concept of the "silver economy" as an economic system related to population aging and underlines the features of this policy idea. The study first introduces the discourse and stages of constructing this system by international and national public policy actors in aging. Next, a critical analysis of the dimensions and areas of implementation and development of the silver economy as a policy concept was carried out as well as a review of its external and internal limitations. The conclusion contains proposals for further research directions.

A. Klimczuk, The Silver Economy as a Constructive Response in Public Policy on Aging, [in:] I.B. Bojanić, A. Erceg (eds.), Strategic Approach to Aging Population: Experiences and Challenges, J.J. Strossmayer University of Osijek, Osijek 2021, pp. 19-35. 6 It should be added that the concept of the silver economy is sometimes mistakenly used interchangeably with the narrower notion of the "silver market" ("aging market," "aging marketplace," or "mature market") (Moody & Sasser, 2012, p. 463). The term silver market appeared in the early 1970s in Japan, with the gradual increase in facilities' availability for older people (Coulmas, 2008, p. v-vi). The word "silver" was an apparent reference to gray hair and an emphasis on the respect for older people that is common in the countries of the Asia-Pacific region. The silver market in a narrow sense is defined as a market segment containing products and services for wealthy people aged 50+, as well as unique solutions in trade between economic entities (business-to-business; B2B), which enable them to adapt to the aging workforce (Kohlbacher & Herstatt, 2008, pp. xi-xxv). However, scholars who focus on this phenomenon emphasize that the silver market is not based solely on the marketing of products targeted at older people; therefore, stressing the users' age and consumers should be avoided. Otherwise, the concept of the silver economy and the silver market may deepen age discrimination (ageism) (Kohlbacher & Herstatt, 2008, pp. xi-xxv;Pascha & Storz, 2008, p. 8). Currently, the silver market also includes innovations in the fields of "universal design," "transgenerational design," and "intergenerational design" as well as "barrier-free products and services," i.e., for everyone, including people with disabilities. These concepts also reflect the efforts of economic entities to adopt the characteristics of their goods and services to the needs of people of all ages (age-friendly) who have different physical and cognitive capabilities. Implementing these ideas aims to activate and empower users and lead their social involvement and social integration with other people.
The silver economy, in a broad sense, can also be defined as an economic system that focuses on balancing the areas of production, distribution, consumption, and trade in goods and services necessary for older adults, as well as and younger but already aging generations (Klimczuk, 2016). This system's key elements are gerontechnologies, which are contained in products and services designed to be age-friendly. Also, important actors of this system are older workers, senior entrepreneurs (the so-called "olderpreneurs" or "silver producers"), senior consumers, and senior investors (cf. UNECE, 2017). At this point, it is sufficient to add that older workers are usually 7 defined as people aged 50+ due to the decline in physical abilities that begins after the age of 30 and peaks around the age of 50, which is mainly observed by the declining ability of employees to work on tasks requiring physical fitness (Ilmarinen, 2001, p. 546). The term "senior entrepreneurs" refers to people who start their own business after the age of 50. It has been observed that their companies are less likely to be closed in the first years of their functioning on the market, as opposed to companies established by younger people (Cox, Henderson, & Baker, 2014, pp. 2-3). Older consumers are those whose expenses are mainly focused on health care, housing adaptation to life in old age, recreation, and tourism. Older investors can be defined as older people who often focus on pension funds, real estate (e.g., retirement homes and communities), and other financial assets.

Economy Concept
The development of the silver economy is related to the transition from the economy's dissemination is partly due to attempts to adjust local and regional governments' strategic documents to the objectives set at the European and central levels (Klimczuk, 2013). Also, in recent years, the concepts of "silver regions" and "silver cities" have emerged, which are aimed to be models of areas in which elements of the silver economy are successfully implemented (Cox, Henderson, & Baker, 2014, p. 2). For example, the city of Toyama in Japan has developed a program, which is a network of the Silver Human Resources Centers (SHRCs) organized to keep older workers employed, especially in the agricultural industry, and to maintain population density. In Brabant, the Netherlands, a regional innovation strategy was developed, which is aimed at supporting the development of new technologies for older adults concerning the concepts of active aging and healthy aging. In Livorno, Italy, the emphasis was on promoting older workers' activity through training and apprenticeships, mid-life career advice, and job guarantees. In Manchester and Newcastle in the United Kingdom, strategies have been created that take into account citizen involvement in decision-making, and centers of excellence in research on aging have been established at local universities.
In recent years, a number of typologies of silver market elements have emerged, which underline features that should be stimulated at the regional and local levels. In the literature on the topic, segmentation by P. Enste, G. Naegele, and V. Leve (2008, pp. 330-331) is mentioned significantly often. However, it should be noted that this typology is not universal because it mainly concerns developed countries' experiences and is aimed at stimulating high-tech industries. It is worth pointing to two more recent typologies. The first was presented by the team of the "Mobilising the potential of active ageing in Europe" (MoPAct) project in relation to the EU countries (Hilbert et al., 2013, pp. 22-23, 34). Scholars identified eight categories of innovative products and services as potential growth-stimulating areas, based on the following ICTs: (1) telemedicine, (2) collaborative networks or software, (3) broadband access, (4) Internet, (5) smart homes, (6) assistive communication technology, (7) design for all, and (8) social services and media. For example, these technologies can be used to create telecare or e-health solutions as well as support independent living and ambient assisted living. The second proposal comes from the EC (2018) 10 the implementation of the silver economy in the EU and draw attention to the need to support technologies in 10 areas: (1) "connected" (digital) health; (2) robotics and games; (3) silver tourism; (4) integrating care services and improving communication; (5) age-friendly construction and smart housing; (6) active and healthy lifestyle; (7) age-friendly universities; (8) autonomous cars; (9) entrepreneurship of older people; and (10) interactive platforms for rapid tracking of the product and service development.
The indicated segments of the silver market may be created and may function differently in various countries. Thus, there is a need to undertake studies that will allow us to observe differences and similarities in terms of institutionalizing various models of the silver economy. Such models may be described in relation to continents, countries, and regions (see Klimczuk, 2016). Such categorization may include, for example, a different level of social and cultural diversity, including the differentiation of the social category of older people and diverse interactions and networks among public and commercial entities, non-governmental organizations (NGOs), and informal groups (cf. Enste, Naegele, & Leve, 2008, pp. 337-338). For comparison, the China International Silver Industry Exhibition, organized until 2014 (CISIE,