Journal of Political Economy
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Опубликовано на портале: 05-10-2004
Martin S. Feldstein
Journal of Political Economy.
1987.
Vol. 95.
No. 3.
P. 468-484..
Social security retirement benefits distort the saving of workers who are rational
to save for their future. Since the implicit rate of return in an unfunded social
security program is less than the marginal product of capital, the resulting decline
in saving causes a welfare loss. The present paper examines the conditions under
which the welfare loss could be reduced by replacing the current universal social
security program with a means-tested program that pays benefits only to those individuals
with little or no other retirement income or assets.
