Article1977

SOCIAL SECURITY AND INVESTMENT IN HUMAN CAPITAL

66 citations0/0 files storedNational Tax Journal

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Retirement, Disability, and Employment Financial Literacy, Pension, Retirement Analysis Economic Growth and Productivity

Abstract

Although several investigators have been concerned with the effect of social security on saving and investment, none have considered its effects on incentives to invest in human capital. This paper shows that, in comparison with a fully funded system, an income-transfer system, such as the U.S. social security system, provides an incentive for one generation to save for retirement by investing in the human capital of the next generation. Response to this incentive can produce welfare gains for both the working and retired populations if the rate of return on human capital investments exceeds the rate of return on the investments of the fully funded system. We also present evidence that the introduction and growth of social security have been associated with greater investment in human capital than would otherwise have been the case.

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References

1974Are Government Bonds Net Wealth?1957Theory of the Consumption Function 1960A Theory of the Consumption Function 1974Social Security, Induced Retirement, and Aggregate Capital Accumulation 2018Social Security Bulletin 1965Private pensions and individual saving

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2005The Intergenerational State Education and Pensions 1987Ricardian Equivalence: An Evaluation of Theory and Evidence 2002Social Security and Democracy 1999Social Security in Theory and Practice (II): Efficiency Theories, Narrative Theories, and Implications for Reform 1981SOCIAL SECURITY AND HOUSEHOLD SAVINGS: ASIAN EXPERIENCE 1984Population Age Structure and the Size of Social Security 2021Optimal intergenerational transfers: Public education and pensions 2005Pension reform, economic growth and financial development - an empirical study

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