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Economic growth is, ultimately, the result of the myriad of transactions which take place in a market economy. Similarly, the distribution of income depends on who has ownership of factors of production, how much they can sell them for, and whether the resultant income is redistributed or not....
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these systems may have exerted adverse effects on key demographic factors, private savings, and long-term growth rates … the downward trends in family formation and fertility worldwide, and for a slowdown in the rates of savings and economic …
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concerning children and savings are generally adversely affected by the PAYG system. We implement the model using panel data from … 57 countries over 32 years (1960-1992). We find that PAYG taxes retard savings and economic growth, and account for a …
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