Eine konstitutionelle Reform der Altersvorsorge

Michael Voigtländer and Barbara Henman ()

No 02/2003, Otto-Wolff-Institut Discussion Paper Series from Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland

Abstract: For decades, economists have been urging politicians to reform pension systems, but in many cases the proposals have been rejected by referring to unresolved questions of economic justice. This dilemma can be avoided by using the concept of constitutional economics, which allows us to address the issues of efficiency and justice at the same time. We conclude that a society behind a veil of uncertainty would settle for a compulsory pay-as-you-go which provides a minimum pension. However, to avoid the system being undermined by free-riding, such a benefit would only be granted to those individuals who contributed to the accumulation of human capital. Everyone else would be required to save individually to secure their minimum pension.

Date: 2003-07
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