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The Longevity Economy: Unlocking the World's Fastest-Growing, Most Misunderstood Market
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Audible Audiobook
Listening Length: 12 hours and 24 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Hachette Audio
Audible.com Release Date: November 7, 2017
Language: English, English
ASIN: B0773QXHCC
Amazon Best Sellers Rank:
There is a powerful message that Joe Coughlin delivers in his new book, that continues what Daniel Kahneman and Yuval Noah Harari have articulated. That is, the human mind is wired to concoct stories. And indeed, the human mind is not wired to make decisions based on facts and reasoning. Indeed Kahneman expresses pessimism for the human species on this count. Harari goes as far as to say that Homo Sapiens will be replaced by Homo Deus for this very reason.Coughlin uses this key understanding of the human mind's working to dismantle the "narrative" we have been using about old age. At the outset, Coughlin writes, "Old age (as a concept) is made up. Most of it was invented by human beings for short-term, human purposes over the past century and a half. Today, we’re stuck with a notion of oldness that is so utterly at odds with reality that it has become dangerous. It constrains what we can do as we age, which is deeply troubling, considering that the future of our older world will naturally hinge on the actions of the older people in it."Once this narrative sets in, as human beings we cannot look at old age in any other way. Kahneman would call this framing. Once old age is framed in our minds as frail and incompetent, it leaves no room for any other way of thinking about vast and an ever growing swath of society.There are two telling examples in the book. One is when the author is speaking about females being decision makers on key aspects of managing family affairs such as health care and doctors. An audience of well educated senior corporate professionals in the audience took exception to his observation. The narrative power of males being the "deciders in chief' was too deeply rooted to even tolerate this counter observation. Yet as Coughlin points out, the demographic future (of the human race) is female.The other example is even more pervasive and perhaps dangerous in the long run. There are many retirement villages being built all around the world. These villages are so complete that retirees flock to them. They have all the amenities to make life comfortable. The retirees are happy, the people who work there are happy and the developers of these villages are happy. What is not to like about this set-up?The flaw is in the narrative of old age that we have accepted without questioning it. To retire is to go away. To separate. To withdraw. That is the definition we all accept. Thus we are creating communes where people with experience, wisdom, vitality and a whole lot to offer are no longer active part of the larger society. With 20+% of the global population forecast to be in this category by 2050, that is a tectonic shift in what we are setting ourselves up for.Coughlin sees opportunity in all this. He terms this opportunity, which is also the title of his book - The Longevity Economy. Businesses can think afresh of the products and services to cater to this vast and growing segment to generate business growth and profit. That is larger than most countries on the planet. Coughlin shares examples of everything from apps to social networks to every day objects to services as creative examples that companies can develop and pursue.The book is well written and an easy read. It is full colorful anecdotes including the author's experiences at MIT, the US Government and working with companies all around the world. These anecdotes build upon each other, and one is left feeling inspired to go out and change the narrative on old age and re-integrate the entirety of the human age spectrum back into society.
I really enjoyed this book. The writing is fun and engaging, making for more of a page-turner than you might expect from the genre. Unsurprisingly given the author's pedigree, Coughlin's arguments for transcendent design and empathetic market engagement with the older generation come across less as argumentative than as the natural and obvious conclusion of years of research and experimentation.Notwithstanding the obvious conclusion from the book that, for most of us, "retirement" as currently understood will be soon regarded as a hilarious relic of the 20th century, the highlight of the book is the contrast between two deftly explored visions of retirement in today's America. This can be summarized as Florida vs. Massachusetts. In Coughlin's view, retirement to a sunny golf course and nightly sex parties is a dangerous option, in that its visibility and obvious appeal mask its external costs and crowd out more scalable and healthy options for seniors. And Coughlin makes a tight-knit community in Boston sound, let's say, highly actualizing. But intentionally or not, I don't leave the book longing for book club meetings and the occasional wine bar meet-up on Beacon Hill.Golf and sex parties sound like a lot more fun--I don't think the book disputes that. But Coughlin draws the reader to conclude that retirement itself is being re-designed both financially and culturally, with the result that we'll soon abandon the entire idea of just stopping your work and moving somewhere to play and hang out until you die. Moreover, even in Florida, seniors lack access to products and services that could greatly improve their lives, and could be provided at great profit to society as a whole. The idea that all people profit by embracing economic vitality well beyond "retirement age" is the point, and it sneaks up on you between anecdotes about stolen golf carts and ergonomic potato peelers.
I always enjoy reading a good deconstruction of outdated cultural narratives, especially when the historical context is clearly set out. This book combines thoughtful analysis with entertaining anecdotes, making clear how much is lacking in the social expectation of retirement and why the economy will reward those who can look beyond today's limited perspective.My only gripe is the lack of significant discussion of fitness products, which our society often assumes are for the young, but there are more older buyers every year as people gain more awareness of how to stay healthy. Some of the best ads I've seen that are aimed at middle-aged consumers are those for home fitness equipment, especially the machines that are Internet-enabled and allow users to participate in instructor-led virtual classes.
My main concern was given Dr Coughlin's speaking prowess, the book wouldn't capture his engaging speaking style (watch some of his YouTube clips- they're brilliant) but this book captures his voice and reads beautifully. He is equal parts enthralling and illuminating and his willingness to question a seemingly one sided "obvious age-old narrative" has created a new vista for which we should all be atunned. He has the ability to take very layered themes and distill them in an entertaining way. Simplifying the complex is Dr Coughlin's magic. If you like Malcolm Gladwell, Thomas Friedman or David McCullough- this will be right down your alley.
Superb book, flows with great stories and brilliant insights. Demographics are destiny and there are ample examples of how our demographics will shape society, business, design, medical care, and policy. Highly recommended.
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