Dr. Nektarios examines the principles and criteria under lying
public pension programs and assesses the effect of these programs
on general economic growth. He begins by discussing the economic
rationale of public pensions, then analyzes the influence of
economic and demographic variables on the cost of a pension program
and the effects of public pension systems on aggregate levels of
income and capital stock. Suggesting that Feldstein's social
security wealth(SSW) variable overestimates the amount of wealth
generated by public pensions, Dr. Nektarios constructs a new SSW
variable and uses it to estimate the impact of the u.s. Old Age and
Survivors Insurance(OASI) program on capital formation and economic
growth in the U.S. economy. The results of his econometric analysis
suggest that operation of the OASI program has reduced capital
formation by 10to 14 percent.
General
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