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Eine konstitutionelle Reform der Altersvorsorge

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  • Michael Voigtländer

    ()

  • Barbara Henman

    ()

Abstract

For decades, economists have been urging politicians to reform pension systems, but in many cases the proposals have been rejected by referring to unresolved questions of economic justice. This dilemma can be avoided by using the concept of constitutional economics, which allows us to address the issues of efficiency and justice at the same time. We conclude that a society behind a veil of uncertainty would settle for a compulsory pay-as-you-go which provides a minimum pension. However, to avoid the system being undermined by free-riding, such a benefit would only be granted to those individuals who contributed to the accumulation of human capital. Everyone else would be required to save individually to secure their minimum pension.

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Paper provided by Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland in its series Otto-Wolff-Institut Discussion Paper Series with number 02/2003.

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Date of creation: Jul 2003
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Handle: RePEc:kln:owiwdp:dp_av

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  1. Hans-Werner Sinn, 1998. "The Pay-As-You-Go Pension System as a Fertility Insurance and Enforcement Device," NBER Working Papers 6610, National Bureau of Economic Research, Inc.
  2. Laurence J. Kotlikoff, 1998. "Simulating the Privatization of Social Security in General Equilibrium," NBER Chapters, in: Privatizing Social Security, pages 265-311 National Bureau of Economic Research, Inc.
  3. Homburg, Stefan, 2000. "Compulsory savings in the welfare state," Journal of Public Economics, Elsevier, vol. 77(2), pages 233-239, August.
  4. Sinn, Hans-Werner & Uebelmesser, Silke, 2003. "Pensions and the path to gerontocracy in Germany," Munich Reprints in Economics 19563, University of Munich, Department of Economics.
  5. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-59, May.
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