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Political and Economic Forces Sustaining Social Security

Author

Listed:
  • Mulligan Casey B

    (University of Chicago)

  • Sala-i-Martin Xavier

    (Columbia University)

Abstract

What economic forces create and sustain old-age Social Security as a public program? We relate political, efficiency, and narrative theories of Social Security to empirical results reported in our companion paper in this volume. Political theories, including rational majority voting and pressure group theories, feature a redistributive struggle among groups. "Efficiency theories," which model SS as a full or partial solution to market failure, include optimal redistribution, retirement insurance, and alleviating labor market congestion. Finally we analyze three "narrative" theories.

Suggested Citation

  • Mulligan Casey B & Sala-i-Martin Xavier, 2004. "Political and Economic Forces Sustaining Social Security," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-56, May.
    • Handle: RePEc:bpj:bejeap:v:advances.4:y:2004:i:1:n:5
    DOI: 10.2202/1538-0637.1289
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    References listed on IDEAS

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    1. Panel on Estimates of Poverty for Small Geographic Areas of which Allen L. Schirm is a member, "undated". "Small-Area Income and Poverty Estimates: Priorities for 2000 and Beyond," Mathematica Policy Research Reports a0588a6815864c46b8974e1d1, Mathematica Policy Research.
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    Cited by:

    1. Joydeep Bhattacharya & Robert R. Reed, 2006. "Social Security and Intergenerational Redistribution," Contributions to Economic Analysis, in: Structural Models of Wage and Employment Dynamics, pages 183-213, Emerald Group Publishing Limited.
    2. de Mendonça, Helder Ferreira & Tiberto, Bruno Pires, 2014. "Public debt and social security: Level of formality matters," Economic Modelling, Elsevier, vol. 42(C), pages 490-507.
    3. Thomas Eichner & Rüdiger Pethig, 2015. "Lobbying for and Against Subsidizing Green Energy," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 62(4), pages 925-947, December.
    4. Andersen, Torben M., 2008. "Increasing longevity and social security reforms--A legislative procedure approach," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 633-646, April.
    5. Tim Besley & Andrea Prat, 2005. "Credible pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 26(1), pages 119-135, March.
    6. Krzysztof Makarski & Joanna Tyrowicz, 2015. "Political (In)Stability of Social Security Reform," Working Papers 2015-21, Faculty of Economic Sciences, University of Warsaw.
    7. Robert Grafstein, 2015. "Public pensions and the intergenerational politics of aging societies," Journal of Theoretical Politics, , vol. 27(3), pages 457-484, July.
    8. Libor Dusek, 2007. "Political Risk of Social Security: The Case of the Indexation of Benefits in the Czech Republic," CERGE-EI Working Papers wp318, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    9. Bossi, Luca, 2008. "Intergenerational risk shifting through social security and bailout politics," Journal of Economic Dynamics and Control, Elsevier, vol. 32(7), pages 2240-2268, July.
    10. Richard C. Barnett & Joydeep Bhattacharya & Mikko Puhakka, 2018. "Private versus public old-age security," Journal of Population Economics, Springer;European Society for Population Economics, vol. 31(3), pages 703-746, July.
    11. Andersen, Torben M, 2008. "Fiscal Sustainability and Demographics - Should We Save or Work More?," CEPR Discussion Papers 7044, C.E.P.R. Discussion Papers.
    12. Perotti, Enrico & Schwienbacher, Armin, 2009. "The political origin of pension funding," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 384-404, July.
    13. Andersen, Torben M., 2019. "Intergenerational conflict and public sector size and structure: A rationale for debt limits?," European Journal of Political Economy, Elsevier, vol. 57(C), pages 70-88.
    14. Robert Grafstein, 2009. "Antisocial Security: The Puzzle of Beggar‐Thy‐Children Policies," American Journal of Political Science, John Wiley & Sons, vol. 53(3), pages 710-725, July.
    15. Sergey SLOBODYAN & Viatcheslav VINOGRADOV, 2006. "The Demographic Challenge of the Interconnected Education and Pension System in the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(11-12), pages 490-505, November.
    16. Torben M. Andersen & Joydeep Bhattacharya, 2013. "The Intergenerational Welfare State," CESifo Working Paper Series 4359, CESifo.
    17. Andersen, Torben M., 2012. "Fiscal sustainability and demographics – Should we save or work more?," Journal of Macroeconomics, Elsevier, vol. 34(2), pages 264-280.
    18. Dai, Tiantian & Fan, Hua & Liu, Xiangbo & Ma, Chao, 2022. "Delayed retirement policy and unemployment rates," Journal of Macroeconomics, Elsevier, vol. 71(C).

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