Social Security in Theory and Practice (II): Efficiency Theories, Narrative Theories, and Implications for Reform

Abstract

For our purposes, a fully funded system is one which delivers a rate of return greater than the growth 1 of labor income without taxing that income at higher and higher rates.This definition rules out, for example, systems like Singapore's "Provident fund" which appears to be a fully funded system but in fact delivers rates of return to contributors of no

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