Kaganovich, Michael; Zilcha, Itzhak - In: Journal of Economic Dynamics and Control 36 (2012) 4, pp. 455-467
This paper demonstrates that the analysis of fiscal sustainability of social security must include the education funding dimension of public policy, which affects the productivity of future workers. This fact is true under both social security regimes: pay-as-you-go (PAYG) and fully funded (FF)....