Social Security and the Real Economy: An Inquiry Into Some Neglected Issues
Abstract
The debate concerning the effects of payas-you-go (PAYG), defined-benefits, social security systems on the real economy has focused on private savings (Robert J. Barro, 1978; Martin Feldstein, 1997). We expand the inquiry to neglected effects on economic growth and underlying family choices. Our inquiry is based on Ehrlich and Francis T. Lui's (1998) model of the relationships among social security, the family, and endogenous growth.
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