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Welfare Implications of Net Social Security Wealth

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  • Tesfatsion, Leigh S.

Abstract

Real 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://www2.econ.iastate.edu/tesfatsi/dehome.htm

Suggested Citation

  • Tesfatsion, Leigh S., 1984. "Welfare Implications of Net Social Security Wealth," Staff General Research Papers Archive 11208, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:11208
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    Cited by:

    1. Kim, Jae Kyeong, 1997. "Social security trust fund (SSTF), the government fiscal use of the SSTF, and intergenerational equity," ISU General Staff Papers 1997010108000012996, Iowa State University, Department of Economics.

    More about this item

    Keywords

    social security; overlapping generations; net social security wealth; price distortion;
    All these keywords.

    JEL classification:

    • 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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