PRIVATIZING SOCIAL SECURITY RESULTS IN INEFFICIENCY, MORAL HAZARD, AND VERY LOW PRODUCTIVITY

Nils H Hakansson
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Nils H Hakansson: University of California, Berkeley, USA

Chapter 6 in Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward:Plus How the US Government's Financial Deficit Reporting = 64 Madoffs, 2012, pp 47-56 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe idea of privatizing Social Security or the minimum safety net in part or in full has a long history but was especially hotly debated after the second Bush administration proposed a partial privatization. To consider the merits or demerits of such a move it will be useful to first briefly review the lessons from the various countries which have implemented, and thus have experience with, privatization of public pension schemes.

Keywords: Quantitative Modelling; Statistical; Computer; Marketing; Neural Networks; Fuzzy Logic; K-Clique Model; Meta-Heuristics Investment; Social Security; Public Pension Plans; Trust Funds; Public Policy; Government Financial Reporting; Unified Budget; Economic Growth; National Debt; Pension Funds; Risk Premium; Entitlements; Passive Investments; Short-Term Borrowing; Private Social Security Accounts; Minimal Safety Net; Personal Safety Net; Long-Term; Total Returns; Compound Returns; Economies Of Scale; Fees; Administrative Expenses; Productivity; Administrative Independence; Transaction Costs; Market Impact; Mean Reversion; International Stocks; Moral Hazard; Economic Efficiency; Professional Management; Payroll Tax; Benefit; Beneficiary; Retirement; Survivor; Life Insurance; Disability Insurance; Contribution; Insurance Premium; Great Depression; Greenspan Commission; Inflation (search for similar items in EconPapers)
Date: 2012
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