Adam smith and karl marx on the aging population problem in australia

Aging Population: Australia’s population is becoming older over time. The proportion of the population over the age of 65 was 8% in 1970 and is projected to be as high as 25% by 2042. An aging population is an issue for Australia because as the population ages the ratio of people working to those in retirement will fall. Workers or retired persons, therefore, must accept higher taxes or lower benefits, respectively, in order to maintain current welfare schemes. In addition, even in the absence of any welfare schemes, economic growth is likely to slow with the shrinking of the working age population, which may bring about issues of secular stagnation.

Choose two economic thinkers to critically analyse the ageing population issue in Australia. What would be the main concerns of the two thinkers over an aging population? How do their concerns differ? What would be their policy recommendations if any? Would they agree or disagree on the proper course of action?

please use direct sources from their writings as well as peer reviewed papers and news articles to help support the policy recommendations