Conventional wisdom holds that Fully Funded (FF) pension schemes would better prepare the community for ongoing demographic change. Many critics of FF schemes argue that these plans would encounter problems similar to those that create financial difficulties to Pay-As-You-Go (PAYG) schemes. More...

Ricardo and Marx saw technological change as a possible cause of long-period unemployment. Neoclassical and Schumpeterian economists regard technological unem ployment as a transitory phenomenon. This paper argues that the capital critique (i) demolishes the neoclassical claim that market...

This paper examines two alternative pension systems, pay-as-you-go (PAYGS) and the capitalisation system (CS) in the light of alternative economic theories. It starts from a critical discussion of the insurance-fiction model of PAYGS proposed by Samuelson in 1958. The pros and cons of that model...