In this paper we analyse the impact of public R&D on private sector output. It is argued that public research expenditures will increase the input supply in private R&D and accordingly enlarge business sector output. We test the model on danish time series data over period 1973 to 1995.

Different versions of pay-as-you-go public pension programs may have entirely different effects on the intergenerational distribution of income risk. If the pension benefit is a fixed proportion of previous income, a pay-as-you-go program increases the income risk of all generations. On the...

This paper examines the impact of public pensions on saving, life insurance and annuity markets in an adverse selection economy.

This paper develops an analytical framework for the systematic comparative analysis of equity approaches in long-term care policies. Equity is at the core of welfare state objectives, but there is a lack of systematic conceptualisation in many areas of social policy. This is particularly true...

We study how the allocation of government expenditures between two major outlays -- education and pay-as-you-go social security -- affects income distribution in an economy with heterogeneous agents.

This paper assesses the facts of the matter, searches for their implications for national economies, and considers the scope and need for local and national policies that provide a basis for balanced growth. The first section will summarize the evidence and implications leading to the conclusion...

This policy proposal outlines a substantial economic stimulus package needed to address the recent downturn in the U.S. economy. This stimulus package details steps to create jobs, provide economic support and lessen the effects of a weakening economy.