By Priv.-Doz. Dr. Berthold U. Wigger (auth.)
From the reviews:
"This publication … includes a suite of papers that care for the impact the idea of endogenous development has at the functioning of public-pension plans. … This e-book is easily written and that i loved examining it. to those that are looking to have a brief refresher path within the results of public-pension schemes in progress versions, this e-book is very suggested. … i like to recommend this ebook as a compact survey and as a potential resource of notion for these desire to start study … ." (H. A. A. Verbon, magazine of Economics, Vol. eighty (2), 2003)
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Extra info for Public Pensions and Economic Growth
25) describes the well-known trade-oft' between extra consumption when young and additional savings in order to consume its proceeds when old. 26) describes an individually optimal balance between an extra unit of time spent for studying and an extra unit of time supplied in the labor market. Aggregate output at time t is given by }It = F(Kh H t ), where F again denotes a constant returns to scale production function, K t denotes the capital stock and H t denotes labor in efficiency units. 28) where Fi,t is the partial derivative of F with respect to its i-th argument at (Kt, H t ).
A Two-Period Model without Retirement In this section a savings subsidy is considered which is financed by a tax imposed on the old. This implies that the subsidy is not accompanied by intergenerational transfers. If individuals work in both periods of their life, savings of generation t become: St = S[W" Wt+l - 9t+l1 r + oJ, where 9t +1 meets the constraint 9t +1 = (T 8t. Now, at each point in time two generations belong to the labor force. e. nt = 0 for all t) and the size of each generation is again normalized to one.
For this reason, the Pareto-criterion does not provide a normative basis for such a policy. 7 should be qualified because the analysis has only considered individuals that are intragenerationally homogeneous. 4. Public Pension Reform 29 of large stocks. Therefore, in the presence of intragenerational heterogeneity, such a policy may necessitate some form of intragenerational redistribution to be politically feasible. In the face of the analysis so far, it is natural to ask about the conceptual role of intergenerational transfers in endogenous growth economies.