Political economy theory (Townsend and Phillipson)
Uses ideas of inequality as meeting the needs of the economy to explain the inequality faced by the elderly
Phillipson: Portrays the elderly as a burden on the economy
Capitalism needs to continually renew its workforce to ensure greater profit by using young workers who may be more productive
Process of institutional dependency - in reality a forced dependency takes place, where the elderly become dependent on society as denied the right to work