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In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and the potential benefits of mixed systems in...
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This book studies the normative and positive ramifications of public pension policies in a growing economy. It analyzes the impact of an unfunded public pension scheme on aggregate productivity growth and efficiency, it considers the political forces behind public pension legislation, and it...
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Several recent studies have examined the steady-state welfare implications of mortality differentials within unfunded … of mortality inequality within the U.S. Social Security system. Utilizing an OLG endogenous growth model of the U ….S. economy, I compare the current pay-as-you-go (PAYG) system to versions of the model without either mortality differentials or …
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This paper offers an integrated view of the relationships between health spending, medical innovation, health status, growth and welfare. Health spending triggers technological progress, which is a potential source of better outcomes in terms of longevity and quality of life, a direct source of...
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