A note on social security, human capital and growth

Joachim Thøgersen ()
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Joachim Thøgersen: Oslo Metropolitan University

Economics Bulletin, 2019, vol. 39, issue 4, 2921-2930

Abstract: In this paper we study the effect of an old-age public pension scheme, when growth is triggered by human capital accumulation. In Zhang (1995) and Kemnitz and Wigger (2000), it is shown that introducing an unfunded pension system in a Laissez-Faire economy will increase economic growth. The present paper follows Kemnitz and Wigger, but shows that a properly designed public funded system will also generate higher economic growth than a Laissez-Faire economy. Moreover, it is shown how capital intensity is affected by the funded pension scheme.

Keywords: Human and physical capital accumulation; public pensions; overlapping generations; endogenous growth (search for similar items in EconPapers)
JEL-codes: D9 H5 (search for similar items in EconPapers)
Date: 2019-12-18
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