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Social security

In: Handbook of Public Economics

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  • Feldstein, Martin
  • Liebman, Jeffrey B.

Abstract

This chapter reviews the theoretical and empirical issues dealing with Social Security pensions. The first part of the chapter discusses pure pay-as-you-go plans. It considers the effects of introducing such a plan on the present value of consumption, the optimal level of benefits in such plans, and the empirical research on the effects of pay-as-you-go pension systems on labor supply and saving. The second part of the chapter discusses the transition to investment-based systems, analyzing the effect on the present value of consumption of such a transition and considering such issues as the distributional effects and risk associated with such systems.

Suggested Citation

  • Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324, Elsevier.
    • Handle: RePEc:eee:pubchp:4-32
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