Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - Institute for the Study of Labor (IZA) - 2000
social security system. In a competitive equilibrium interim Pareto optimality is equivalent to intergenerational exchange … not rule out a Pareto-improving role for a social security system. Social security can provide insurance against … mechanism through which social security can Pareto-improve market allocations resembles a Ponzi scheme. But instead of rolling …