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Acknowledgements Xii
Introduction = 1
Alternative Views of Payg As a Social Institution = 16
Introduction = 16
Origin of Retirement As a Social Institution = 18
Private and Social Insu...
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Acknowledgements Xii
Introduction = 1
Alternative Views of Payg As a Social Institution = 16
Introduction = 16
Origin of Retirement As a Social Institution = 18
Private and Social Insurances = 25
The Insurance Fiction in Practice: The Political Legitimacy of Payg = 27
The Insurance Fiction in Theory: Samuelson's Model = 31
The Samuelson--lerner Controversy = 36
The Post-samuelson-lerner Debate = 38
Moral Social Habits and Social Transfers = 42
Final Remarks = 43
Re-engineering Payg: The Controversy over The Notional Defined Contribution Reforms = 52
Introduction = 52
Archetypal Accounting Structures of Payg = 54
Notional Defined Contribution Reforms = 60
Criticism of The Ndc Scheme = 74
The Italian Ndc Reform = 80
Final Remarks = 84
The Conventional Interpretation of a Fully-funded Scheme and Capital Theory = 90
Introduction = 90
Description of a Fully-fledged Ff Scheme = 93
Ff Schemes and Capital Theory = 95
The Rates of Return of Ff and Payg Schemes = 99
Equivalent Schemes Vis-a-vis a Demographic Shock = 101
Alternative Pension Schemes and Savings in An Imperfect Design Context = 117
Final Remarks = 123
Appendix 3.1: Simple Formal Exposition and Simulations of The Demographic Shocks in a Neoclassical Ff Scheme = 131
Appendix 3.2: Economies Indifferent between Payg and Ff Schemes = 139
The Transition from Payg to Ff Schemes = 142
Introduction = 142
The Transition to Capitalization and The Savings Rate = 145
Two Kinds of Transition Plans = 149
Alleged Advantages of Disguised Payg = 154
Divergent Interpretations of The Chilean Reform = 161
Modigliani's and Feldstein's Transition Plans = 163
Pension Funds and The Savings Paradox = 165
Final Remarks = 169
Appendix 4.1: a World Bank Example of a False Transition to An Ff System = 175
Appendix 4.2: on Feldstein's Transition Plans = 178
The Controversy over The Social Security Surplus = 185
Introduction = 185
The Social Security Surplus in National Accounts = 185
Interpretations of The Social Security Trust Fund = 186
An Appraisal of The Controversy = 188
Final Remarks = 192
Appendix 5.1: Severance Pay and The Creation of An Ff Scheme in Italy = 196
The Classical-keynesian Macroeconomics of Pension Reform in Closed and Open Economies = 198
Introduction = 198
The Theory of Effective Demand in The Short and in The Long Period = 200
Pension Transfers and Demand-led Growth = 202
The Impact of The Demographic Shocks in The Light of The Theory of Effective Demand = 204
A `classical' Proposal of An Ff Reform = 207
A World of Investment Opportunities: `emerging Markets' and Endogenous Growth = 212
A Keynesian View of International Capital Flows = 218
Final Remarks = 220
Classical and Neoclassical Perspectives on The Welfare State and Pensions = 227
Introduction = 227
The Classical Theory of Distribution = 229
Lineages of a Classical Approach to The Welfare State = 231
Public and Private Provision of Social Wage Goods = 235
The Classical View of The Incidence of Payroll Taxation = 238
The Net Distributive Role of The State = 239
Classical and Neoclassical Approaches = 239
Dissatisfaction With Welfare Economics = 241
Classical and Neoclassical Views of Pensions = 242
The Classical Approach and The Political and Moral Economy Views of Pensions = 245
Final Remarks = 246
The Viability of An Ageing Society: a Classical Exploration = 252
Introduction = 252
Stylized Demographic Trends = 255
Ageing and The Labour Market = 268
Ageing and The Cost of Payg = 282
Final Remarks = 293
Appendix 8.1: Keynes on Population Decline = 301
Summary of The Main Arguments = 303
Introduction = 303
Alternative Views of Payg = 304
`actuarial Anaesthesia'? The Ndc Reforms = 308
Fully-funded Reforms = 312
The Economic Impact of Ageing on The Labour Market and on The Sustainability of Payg = 318
The Interpretation and The Future of Payg in The Classical-keynesian View = 325
References = 333
Index = 350
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