Townsend & Phillipson (Marxism) - Political economy theory
Explain the inequality faced by the elderly.
Argue that focusing on inequality as meeting the needs of the economy places the elderly in a negative position 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.
To serve the needs of capitalism, this means having a system where the elderly are institutionally marginalised - this happens through a process of institutionalised dependency.
Eg, through the elderly being made to retire, the needs of the economy are then met as younger, more productive employees take their place.
In reality, a forced dependency then takes place, whereby the elderly become dependent on society as they are denied access to work - this lowers their status.