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The Political Economy of Public Pensions

Author

Listed:
  • Norcross,Eileen
  • Smith,Daniel J.

Abstract

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.

Suggested Citation

  • Norcross,Eileen & Smith,Daniel J., 2021. "The Political Economy of Public Pensions," Cambridge Books, Cambridge University Press, number 9781009011624, January.
    • Handle: RePEc:cup:cbooks:9781009011624
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    Cited by:

    1. Oren M. Levin-Waldman, 2017. "Is Inequality Designed or Preordained?," SAGE Open, , vol. 7(2), pages 21582440177, April.
    2. Rena Salayeva, 2021. "The Political Economy of Inequality, by Frank J. B. Stilwell, Hoboken, NJ: Wiley, 2019, 224 pp., $24.95, paperback; $69.95, hardback; web list. The Political Economy of Inequality: U.S. and Global Dim," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 40(2), pages 666-671, March.

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