Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing...

Conventional pension systems suffer from a design defect, which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The article outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one...

Die aktuelle Diskussion um "Generationengerechtigkeit" signalisiert, dass die traditionelle Vorstellung von Generationensolidarität allmählich durch ein renditeorientiertes Verständnis abgelöst wird. Dies deutet auf eine Legitimationskrise der gesetzlichen Rentenversicherung. Auf diesem...