We estimate the impact of increased pension funding on national saving, both in public budgets and in the private sector. First, the experience of U.S. state governments in managing their employee pension funds suggests that their pension accounts are managed apart from the non–pension...

The Economics of an Ageing Population studies the effects of demographic transition on the economies of industrialised countries. The authors demonstrate that an ageing population does not necessarily lead to a reduction in growth, providing that the working population are more productive and...

The U.S. tax system received two major overhauls during the 1980s: the tax cuts of 1981 and the Tax Reform Act of 1986. Supporters of both reforms argued that major changes in tax policy could boost saving, investment, labor supply, and entrepreneurship. Eventually, it was argued, such changes...

Social experiments have been used in research since the 1960s, yet the technique of controlled experimentation still arouses controversy among social scientists. The crucial element that distinguishes a controlled experiment from other forms of research is random assignment of treatment to the...

A paper-giver's job is straightforward. It is to describe some interesting phenomenon or mechanism or effect, make large claims about its importance for our understanding of the world, and then marshal evidence to show these claims are true. ; Jeffrey Williamson has done his job wonderfully...