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THE ECONOMIC AND SOCIAL RESEARCH INSTITUTE
ECONOMICS, TIME, AND AGE
RICHARD A. POSNER
TWENTY FIFTHGEARY LECTURE, 1994
Copies of this paper may be obtainedfrom The Economie and Social
Research Institute (Limited Company No. 18269). Registered Office:
4 Burlington Road, Dublin 4, Ire land
Priee lRf:5.00
ISBN 0 7070 0150 1
Richard A. Posner is a Chief Judge, United States Court of Appeals for the
Seventh Circuit; Senior Lecturer, University of Chicago Law School. This paper
has been accepted for publication by the Institute which is not responsible for
either the content or the views expressed therein.
© 1994 Richard A. Posner. AlI rights reserved.
Il
Economies, Time, and Age
Richard A. Posner*
1 Introduction
1have long wanted to visit Ireland. 1majored in literature in col-
lege, and wrote my senior thesis on the late poetry of William Butler
Yeats, and 1find myself returning to Yeatss poetry again and again. Yeats
was, among other things, the greatest poet of old age, and he was also,
among the great poets, probably the only one who improved with age at
least until his fifties and who wrote great poetry right up into his seventies
and indeed until days before his death.
1 am going to talk today about two aspects of the economics of
ageing: the psychology of ageing, where 1 will be drawing directly on
Yeats, though only in small part; and creativity and ageing, where Yeats
stands as representative of people who retain their creativity at advanced
ages. Neither the psychology of ageing nor creativity is a topic ordinarily
associated w
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