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- W3123532163 abstract "In earlier literature, the suggested Pareto improvements in pay-as-you-go (PAYG) systems have relied on the presence of externalities or the possibility of intragenerational redistribution. We show that neither assumption is necessary in an economy with intergenerational trade in a fixed factor of production, here labeled as land. Reducing the social security tax rate encourages investment in complementary human capital. Future efficiency gains accruing to land are capitalized in its value which compensates the land-owning pensioners for reduced benefits. We also explain why the PAYG system may have lost its appeal even for pensioners after its introduction." @default.
- W3123532163 created "2021-02-01" @default.
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- W3123532163 date "2002-01-01" @default.
- W3123532163 modified "2023-10-18" @default.
- W3123532163 title "Social Security Reform and Intergenerational Trade: Is There Scope for a Pareto-Improvement?" @default.
- W3123532163 doi "https://doi.org/10.2139/ssrn.348440" @default.
- W3123532163 hasPublicationYear "2002" @default.
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