Welfare Implications of Net Social Security Wealth
AbstractReal net social security wealth (NSSW), the real present value of social security benefits received minus social security taxes paid, is frequently used as a direct proxy measure for the impact of a social security system on generation welfare. This article examines the relationship between real NSSW and generation welfare in a 3-period lived overlapping generations economy. It demonstrates that NSSW can be a very poor proxy for the effects of a social security system on generation welfare. For example, NSSW can actually be negatively correlated with welfare for every generation due to price distortion effects. Annotated pointers to related work can be accessed here: http://www.econ.iastate.edu/tesfatsi/dehome.htm
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11208.
Date of creation: 01 Jan 1984
Date of revision:
Publication status: Published in Journal of Public Economics 1984, vol. 24
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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social security; overlapping generations; net social security wealth; price distortion;
Other versions of this item:
- Tesfatsion, Leigh, 1984. "Welfare implications of net social security wealth," Journal of Public Economics, Elsevier, vol. 24(1), pages 1-27, June.
- D6 - Microeconomics - - Welfare Economics
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
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