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Social Security, the Family, and Economic Growth

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Author Info

  • Ehrlich, Isaac
  • Lui, Francis T

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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Bibliographic Info

Article provided by Western Economic Association International 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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Citations

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Cited by:
  1. 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.
  2. Cipriani, Giam Pietro, 2013. "Population Ageing and PAYG Pensions in the OLG Model," IZA Discussion Papers 7144, Institute for the Study of Labor (IZA).
  3. Cruz A. Echevarría & Amaia Iza, 2011. "Social security, education retirement and growth," Hacienda Pública Española, IEF, vol. 198(3), pages 9-36, September.
  4. Mikko Puhakka & Matti Viren, 2006. "The Effects of the Size of the Public Sector on Fertility," Discussion Papers 8, Aboa Centre for Economics.
  5. Galasso, Vincenzo & Gatti, Roberta & Profeta, Paola, 2008. "Investing for the Old Age: Pensions, Children and Savings," CEPR Discussion Papers 6825, C.E.P.R. Discussion Papers.
  6. Xavier Sala-i-Martin, 2002. "Social security and democracy," Economics Working Papers 621, Department of Economics and Business, Universitat Pompeu Fabra.
  7. Zhang, Jie & Zhang, Junsen, 2003. "Long-run effects of unfunded social security with earnings-dependent benefits," Journal of Economic Dynamics and Control, Elsevier, vol. 28(3), pages 617-641, December.
  8. Güth, W. & Offerman, T.J.S. & Potters, J.J.M. & Strobel, M. & Verbon, H.A.A., 2000. "An Experimental Study in the Crowding-Out Effect of Public Transfers in a Model with Multiple Families," Discussion Paper 2000-54, Tilburg University, Center for Economic Research.
  9. Lancia, Francesco & Russo, Alessia, 2010. "A Dynamic Politico-Economic Model of Intergenerational Contracts," MPRA Paper 24795, University Library of Munich, Germany.
  10. Martin Werding, 2006. "Kinderrente und Vorsorgepflicht - der ifo-Vorschlag zur Lösung der demographischen Krise des Rentensystems," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 59(07), pages 44-53, 04.
  11. Michele Boldrin & Mariacristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," Staff Report 359, Federal Reserve Bank of Minneapolis.
  12. 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.

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