production. The market allocation of risk depends significantly on the young generation’s willingness to substitute … intertemporally and on government policy. Safe government debt shifts productivity risk from old to young while wage-indexed social … security is essentially neutral. I also compare the market allocation to the efficient allocation of risk. The market …

declining supply can no longer satisfy the demand. Hence, without conservation and prudent management of resources the … environmental management policy which will prevent the destruction of forests and natural resources and apply a policy of active … prudent and efficient management of water resources to be effective, the state must adopt the ecologically sustainable …