Social Security

Toshihiro Ihori
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Toshihiro Ihori: University of Tokyo

Chapter 10 in Public Finance in an Overlapping Generations Economy, 1996, pp 225-241 from Palgrave Macmillan

Abstract: Abstract It is well known that in unfunded social security systems, the contributions of the younger generation earn a return which is composed of the rates of growth of population (biological rate of interest) and wages. Whereas for funded social security systems, the market rate of interest and, thus, the marginal productivity of capital are relevant. From this perspective, it comes as no surprise that many industrial countries introduced or expanded pay-as-you-go unfunded public pension schemes in the years following the post-war baby boom. Considering the recent decline in the birth rates in an aging economy, however, a reverse transition seems inevitable.

Keywords: Social Security; Labor Supply; Pension System; Public Pension; National Saving (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1057/9780230389908_10

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