The 'principle of scarcity', pension policy and growth

Massimo Pivetti

Review of Political Economy, 2006, vol. 18, issue 3, 379-390

Abstract: The picture one is bound to form of the whole question of pensions depends on whether one views it through the lens of the 'principle of scarcity' or through that of the 'principle of the underutilisation of productive resources in a market economy.' A generous PAYG system of the defined-benefit type is here defended as the best retirement system one can conceive of in light of the principle of underutilised resources. The nature of the main obstacles that the implementation of such a system is likely to encounter in the present set of historical conditions is outlined in the final part of the paper.

Date: 2006
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DOI: 10.1080/09538250600797875

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