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Social security, social welfare and the aging population

Author

Listed:
  • Kelvin R. Utendorf

    (Woodbridge, VA 22192, USA)

  • Rowena A. Pecchenino

    (Department of Economics, Michigan State University, East Lansing, MI 48824, USA)

Abstract

This study examines the effects of pay-as-you-go social security programs in aging economies when the middle-aged both educate their dependent children and subsidize the retirement of the old. Using an overlapping generations framework in which agents are three-period lived but timing of death in the third period is uncertain, we analyze the effects of social security tax schemes, under various demographic assumptions, on capital accumulation, education expenditures, social welfare, and economic growth. We find that in many cases social security crowds out education, and reduces economic growth and social welfare.

Suggested Citation

  • Kelvin R. Utendorf & Rowena A. Pecchenino, 1999. "Social security, social welfare and the aging population," Journal of Population Economics, Springer;European Society for Population Economics, vol. 12(4), pages 607-623.
    • Handle: RePEc:spr:jopoec:v:12:y:1999:i:4:p:607-623
    Note: Received: 29 April 1998/Accepted: 3 March 1999
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    Keywords

    Social security · education · endogenous growth;

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • I2 - Health, Education, and Welfare - - Education

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