This paper investigates how social security interacts with growth and growth determinants (savings, human capital investment, and fertility). Our empirical investigation finds that the estimated coefficient on social security is significantly negative in the fertility equation, insignificant in...

Two conflicting conclusions exist about the relationship between fertility and wage rates in steady-state equilibria in the literature. While Malthus and others predict a positive relation, R. J. Barro and G. S. Becker find a negative relation. Using several specifications of utility functions,...

This paper develops an overlapping-generations model in which agents invest in health to prolong life in both working and retirement periods. It explores how unfunded social security with or without health subsidies affects life expectancy, economic growth, and welfare. In particular, by...