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Social Security

In: Public Finance in an Overlapping Generations Economy

Author

Listed:
  • Toshihiro Ihori

    (University of Tokyo)

Abstract

It is well known that in unfunded social security systems, the contributions of the younger generation earn a return which is composed of the rates of growth of population (biological rate of interest) and wages. Whereas for funded social security systems, the market rate of interest and, thus, the marginal productivity of capital are relevant. From this perspective, it comes as no surprise that many industrial countries introduced or expanded pay-as-you-go unfunded public pension schemes in the years following the post-war baby boom. Considering the recent decline in the birth rates in an aging economy, however, a reverse transition seems inevitable.

Suggested Citation

  • Toshihiro Ihori, 1996. "Social Security," Palgrave Macmillan Books, in: Public Finance in an Overlapping Generations Economy, chapter 10, pages 225-241, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-38990-8_10
    DOI: 10.1057/9780230389908_10
    as

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