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Social Security, Social Welfare and the Aging Population

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  • Pecchenino, R.A.

Abstract

This study examines the effects of pay-as-you-go social security programs in aging economies when the middle-aged both educate their dependent children and subsidize the retirement of the old. Using an overlapping generations framework in which agents are three-period lived but timing of death in the third period is uncertain, we analyze the effects of social security tax schemes, under various demographic assumptions, on capital accumulation, education expenditures, social welfare, and economic growth. We find that in many cases social security crowds out education, and reduces economic growth and social welfare.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Pecchenino, R.A., 1994. "Social Security, Social Welfare and the Aging Population," Papers 9403, Michigan State - Econometrics and Economic Theory.
  • Handle: RePEc:fth:mistet:9403
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    Keywords

    SOCIAL SECURITY; SOCIAL WELFARE; DEMOGRAPHY; AGING;

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • I2 - Health, Education, and Welfare - - Education

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