The paper shows that adding social security based on a pay-as-you-go principle (PAYG) prevents countries from successfully harmonizing their individual social security systems. As claimed in the paper, the PAYG systems are extremely complicated to harmonize when the labour force is mobile among...

How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson's (1958) biological interest rate, and future...

How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson's (1958) biological interest rate, and future...