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Altern ist Leben - Ist es auch finanzierbar?

Author

Listed:
  • Gunther Tichy

    (Institut fuer Technikfolgen-Abschaetzung, Oesterreichische Akademie der Wissenschaften)

Abstract

The ageing of the European population gave rise to heated discussions. Most participants recommended severe reductions of public pensions, a shift towards a funded system and increased savings of the current generation to reduce the burden of the next one. The paper elaborates five counterarguments: (1) The total burden will not increase much, as the additional pensioners are partly compensated by a reduced number of unemployed. (2) Even with 1 percent growth per capita GDP will be some 60 percent higher in 2050, which should suffice to increase the living standard of the old and the young. (3) The real burden cannot be shifted, and a shift of the financial burden can prove counterproductive. (4) The pay-as-you-go system should not be abandoned, as it covers wider and more severe risks than a funded one. (5) Surveys show clearly that the population appreciates a public pension scheme and prefers higher contributions to reduced pensions.

Suggested Citation

  • Gunther Tichy, 2005. "Altern ist Leben - Ist es auch finanzierbar?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 2(2), pages 107-130.
    • Handle: RePEc:elg:ejeepi:v:2:y:2005:i:2:p:107-130
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    Citations

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    Cited by:

    1. Gunther Tichy, 2006. "Demografie-Prognoseschwäche, Arbeitsmarkt und Pensionsfinanzierung," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 32(2), pages 149-165.
    2. Stefan W. Schmitz, 2005. "Demographic Developments, Funded Pension Provision and Financial Stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 9, pages 93-109.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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