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Social Security, the Family, and Economic Growth

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Author Info
Ehrlich, Isaac
Lui, Francis T

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Abstract

The authors show that a defined-benefits pay-as-you-go (PAYG) social security system distorts key family-based choices that affect economic growth. They identify human capital as the engine of growth, and the motivating forces linking the family's overlapping generations as mutually productive intergenerational transfers and/or altruism. The PAYG system is shown to affect adversely at least one of three determinants of the economy's growth path: fertility, savings, and investment in human capital. The specific effects may vary over different stages of economic development. The growth rate is expected to fall in advanced economies. The authors' analysis indicates that the effect may be sizeable. Copyright 1998 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 36 (1998)
Issue (Month): 3 (July)
Pages: 390-409
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Handle: RePEc:oup:ecinqu:v:36:y:1998:i:3:p:390-409

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  1. Michele Boldrin & Maria Cristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," Levine's Bibliography 666156000000000506, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. Gueth, W. & Offerman, T. & Potters, J., 2000. "An experimental study on the crowding-out effect of public transfers in a model with multiple families," Discussion Paper 54, Tilburg University, Center for Economic Research. [Downloadable!]
  3. Juan A. Rojas, 2004. "On the Interaction between Education and Social Security," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(4), pages 932-957, October. [Downloadable!] (restricted)
    Other versions:
  4. Xavier Sala-i-Martin, 2002. "Social Security and Democracy," Economics Working Papers 621, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  5. Isaac Ehrlich & Jinyoung Kim, 2005. "Social Security, Demographic Trends, and Economic Growth: Theory and Evidence from the International Experience," NBER Working Papers 11121, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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