The past century has seen dramatic changes in the demographic situation in developed countries. Declining fertility, increasing life expectancy, and widely-varying birth rates have all worked to create dents and bulges in the population age distribution with many social and economic strains. Population aging drains pension systems; unusually large generations experience educational disadvantages, reduced wages, and increased unemployment; and changing marriage and household patterns affect the demand for housing. In this book, an international group of eminent scholars analyze such changes in America, Britain, Israel, and Japan, presenting the latest economic research on these crucial issues.