The typical social security program is designed as follows: (1) It is organized as a pay-asyou-go system. (2) It is financed with a payroll tax. (3) Employers and employees share the tax. (4) Benefits are largely independent of asset income. (5) Benefits are increasing with the taxes paid. (6)...

This paper investigates the properties of knowledge production in academic research using a panel of 17 OECD countries reaching from 1989 to 1996. The production process is modelled using capital and labour as inputs and the number of published international journal articles and/or the number of...

In many professional labor markets the number of new workers follows a cyclical time path. This phenomenon is usually explained by means of a cobweb model that is based on the assumptions of myopic wage expectations and occupational immobility. Since both assumptions are questioned by the...