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• W437128859 abstract "Public Finance and Public Policy in the New Century, edited by Sijbren Cnossen and Hans-Werner Sinn. Public Finance and Public Policy in the New Century is a tribute to honor the 90th birthday of Richard Musgrave. book evolved from a series of presentations at a 2001 conference of the Center for Economic Studies of the Ludwig-Maximilians-Universitat in Munich. Until the 1980s, every student of public finance studied from Musgrave's Theory of Public Finance and the collection of public finance specialists contributing to this volume of essays is a who's who of academic leaders in the field of public finance over the past decades.1 Musgrave provided a moral view of government that attempts to maximize societal welfare through its influences on the allocation and distribution of resources, and the stabilization of economic activity. use of government tax and expenditure policies is now viewed as relatively clumsy short-run stabilization tools but the role of government in the maximization of societal welfare is a theme of the book and reflects the essence of Musgrave's writings, especially the purpose of the conceptual separation of the allocative and distributive functions. ideal circumstances, the Allocative Branch should be concerned with taking the economy to the society's utility possibilities frontier by exploiting all gains from trade, while the redistributive branch alone need be concerned with choosing the ethically preferred point (Boadway et al., p. 333). Because the focus of interest for this journal is risk management and insurance, most risk specialists will find section III of the book closest to their interests. section, titled The Welfare State in an Integrating World contains two chapters on social insurance and one on the use of medical care by the self-employed. Other risk and insurance topics are sprinkled through the book. For example, a chapter on fiscal federalism and intergovernmental risk sharing provides a discussion of moral hazard issues in a scheme to allocate tax revenue and auditing intensity among the layers of government. focus of section III is the fiscal pressure of aging populations on government social insurance and medical programs. Hans-Werner Sinn begins the social insurance discussion with a focus on Germany's pension insurance system. Drawing an analogy to the ability of Roman slaves to save during their captivity to purchase their freedom Prince Otto von Bismark proposed the 1881 social insurance legislation that would eliminate the need for the elderly to beg for support from their children. Like many countries, the German demographic changes since Bismark's time have moved from a situation where four workers support an elderly population to a projected 2030 world where two workers will support one retiree. relative decline in young and the increasing longevity of the population is a problem faced by many industrial countries and Germany's reaction is relevant to the current U.S. debate. In 1992, the Bundestag defined a comprehensive program of sacrifices. It replaced tying pension benefits to gross wages with a tie to net wages; it eliminated early retirement; it abolished pensions for occupational invalidity (due to a decline in earning capacity); it reduced the benefit from 70 percent of gross to 64 percent of net wages over a phase-in period that extends to 2030 (a provision that was later abolished by a new Bundestag majority), and a host of other changes. Ultimately, Sinn recommends an obligatory private savings with a variable rate set to stabilize the sum of this rate and the country's pay-as-you-go contribution rate. Largely agreeing with Sinn's analysis, the comments by Georges de Menil ask questions that are often avoided in the current U.S. debate. He believes the only way to protect the credibility of the existing PAYGO system is to scale back entitlements but his discussion provokes questions that demonstrate the commingling reality of the taxation and allocation functions of government. …" @default.
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• W437128859 date "2005-12-01" @default.
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• W437128859 title "Public Finance and Public Policy in the New Century" @default.
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