Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis...
Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not ...
Barr contends that the welfare state exists for reasons besides poverty relief, reasons arising out of pervasive problems of imperfect information, risk and uncertainty. As a result, he argues, the welfare state is here to stay, since 21st century developments don't address these additional reasons.
Barr contends that the welfare state exists for reasons besides poverty relief, reasons arising out of pervasive problems of imperfect information, ri...
