My generation should repay its good luck

Intergenerational equity is an ugly phrase, but an important concept. And intergenerational equity is not only, or even mainly, about levels of government borrowing and debt. Most parents want to give their children opportunities to live a life better than their own. But when we act together, we aggressively pursue our own interests at the expense of our children and grandchildren: a bizarre paradox of perverse collective action.

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