Economic Science and Practice seeks to bridge the gulf between economic theory and policy and overcome some of the problems created by the specialized nature of much economic research. A distinguished group of academic economists and experienced policy makers from both Europe and the United...

Everywhere in the industrialized world, population aging is putting social security systems under financial strain. As a result, social security systems are being reformed in many countries. In particular, various countries move from pure pay-as-you-go (PAYG) systems to pension systems that...