English, Article, Journal or magazine article edition: Social Security in Theory and Practice (I): Facts and Political Theories Casey B. Mulligan; Xavier Sala-i-Martin

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Bookmark: http://trove.nla.gov.au/version/154930
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Social Security in Theory and Practice (I): Facts and Political Theories
Author
  • Casey B. Mulligan
  • Xavier Sala-i-Martin
Physical Description
  • preprint
Notes
  • Social Security, retirement, gerontocracy, retirement incentives, political theories of Social Security
  • RePEc:upf:upfgen:384
  • 166 countries have some kind of public old age pension. What economic forces create and sustain old age Social Security as a public program? We document some of the internationally and historically common features of Social Security programs including explicit and implicit taxes on labor supply, pay-as-you-go features, intergenerational redistribution, benefits which are increasing functions of lifetime earnings and not means-tested. We partition theories of Social Security into three groups: political', efficiency' and narrative' theories. We explore three political theories in this paper: the majority rational voting model (with its two versions: the elderly as the leaders of a winning coalition with the poor' and the once and for all election' model), the time-intensive model of political competition' and the taxpayer protection model'. Each of the explanations is compared with the international and historical facts. A companion paper explores the efficiency' and narrative' theories and derives implications of all the theories for replacing the typical pay-as-you-go system with a forced savings plan.
  • RePEc:nbr:nberwo:7118
Language
  • English
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