Productivity Growth and the Political Economy of Social Security |
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Authors: | Berthold U Wigger |
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Institution: | 1. Department of Economics, University of Mannheim, D-68131, Mannheim, Germany
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Abstract: | The present paper provides an analysis of unfunded social securityas the outcome of a public decision making process in an endogenousgrowth economy. It employs a model in which there is a non-monotonic relationship beween productivity growth and the scale ofpublic intergenerational redistribution. The paper shows thatalthough unfunded social security need not harm growth in general,it is likely to harm growth in a democracy. This effect isreinforced by population aging. |
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