Data suggest the distribution of wealth among households in the United States and the United Kingdom has become more equal over the last century - though the pattern may have reversed recently. This paper shows that a model in which all households save for life-cycle reasons and some for...

This paper studies the long-run implications for national wealth accumulation of potential changes in the U.S. social security system or in the size of the U.S. national debt. Privatization of a portion of the existing (unfunded) U.S. social security system would, if the national debt were held...