Political Feasibility of Pension Reforms

Silke Uebelmesser

The B.E. Journal of Economic Analysis & Policy, 2004, vol. 4, issue 1, 1-24

Abstract: The impending demographic crisis calls for fundamental reforms of old-age security. In a democracy, however, reforms require the support of the majority. A reform that aims at reducing the size of unfunded pension systems is supported by the young and opposed by the old. As long as the young have the majority, this reform is feasible; as soon as society becomes a gerontocracy, there is risk of further expansion.

Date: 2004
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DOI: 10.2202/1538-0653.1162

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