Intergenerational and Intragenerational Equity

The concept of ‘intergenerational fairness’ was introduced to the UK policy debate by David Willetts MP (now, somewhat ironically, the Minister for Universities and Science, and hence responsible for the new system of student finance) in his book, The Pinch: How the Baby Boomers stole their childrens’ future and how they can give it back (Willetts, 2010). But it has only taken off in political discussion over the past couple of years; the idea that somehow the old are getting a better deal than the young, both before the financial crisis and during the ensuing period of austerity, has gained popularity across the political spectrum...