Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...

Acknowledgments -- How does social security work? -- Sustainability and financing reform -- Benefit adequacy -- Retirement policy -- Reforming the reform process -- Conclusion: the way forward -- Appendix -- References -- Author -- Index -- About the institute