Work, in all its manifestations and with its very different returns, is an indispensable featureof human existence. Consequently, labour policy and social policy are concerned with shapingthe immediate conditions of everyday life. The composite term "labour and social standards"indicates that...

Pay-as-you-go pension programs can help to share risk amongst generations.While a wage-indexed pension program is best suited to share labor income risk,I show that the combination of stochastic labor income and stochastic populationgrowth may reduce the possibilities for intergenerational risk...