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Social Security Reform and National Wealth

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  • Laitner, John

Abstract

Recent trends in common stock prices suggest a distinction between increases in national net worth and flows of physical investment. In this paper we present a simple overlapping generations model in which such differences can arise: technological progress occurs exogenously, yet firms own new technologies for a time. We examine possible consequences for social security reform. Reform which increases private saving depletes part of its force raising the (capitalized) price of proprietary technologies. A calibrated example suggests an increase in physical capital one-third smaller than without inelastic factors. Both steady states and transition paths are considered. Copyright 2000 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 102 (2000)
Issue (Month): 3 (June)
Pages: 349-71

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Handle: RePEc:bla:scandj:v:102:y:2000:i:3:p:349-71

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Köthenbürger, Marko & Poutvaara, Panu, 2006. "Social security reform and investment in education: Is there scope for a Pareto improvement?," Munich Reprints in Economics 19487, University of Munich, Department of Economics.
  2. Kent Smetters, 2005. "Social Security Privatization with Elastic Labor Supply and Second-Best Taxes," NBER Working Papers 11101, National Bureau of Economic Research, Inc.
  3. Erling Steigum, 2001. "Trade Unions and the Burden of the Public Debt," CESifo Working Paper Series 587, CESifo Group Munich.
  4. Marko Köthenbürger & Panu Poutvaara, 2004. "Social Security Reform and Intergenerational Trade: Is there Scope for a Pareto-Improvement?," Public Economics 0404008, EconWPA.
  5. John Laitner & Dmitriy Stolyarov, 2003. "Technological Change and the Stock Market," American Economic Review, American Economic Association, vol. 93(4), pages 1240-1267, September.

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