Principles and Policy Choices
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Reforming Pensions by Nicholas Barr
Book DescriptionMandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives-consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.
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Book DetailsISBN: 9780195311303
(242mm x 162mm x 21mm)
Imprint: Oxford University Press Inc
Publisher: Oxford University Press Inc
Publish Date: 23-Oct-2008
Country of Publication: United States
Books By Author Nicholas Barr
Economics of the Welfare State, Paperback (March 2012)
The fifth edition of this successful textbook discusses the different parts of the welfare system and, in particular, cash benefits, the health service, and education. The text is organized into four parts: Concepts, Cash benefits, Benefits in kind, and Epilogue.
Pension Reform, Paperback (December 2009)
This is an abridgement of Barr and Diamond's 'Reforming Pensions: Principles and Policy Choices' (OUP, 2008), a larger book that is intended for policy makers and as a supplement in college courses.
Investing in Human Capital, Paperback (August 2007)
This 2004 book examines how 'human capital contracts' transfer financial risk of higher education from students to investors.
Welfare State as Piggy Bank, Hardback (May 2001)» View all books by Nicholas Barr
This book is about economics and its application to the welfare state. Its core argument is that the welfare state exists for reasons additional to poverty relief, reasons arising out of pervasive problems of imperfect information, risk, and uncertainty.
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Author Biography - Nicholas Barr
Peter Diamond is an Institute Professor and professor of economics at MIT where he has taught since 1966. He has been President of the American Economic Association, of the Econometric Society, and of the National Academy of Social Insurance. He first consulted to U.S. Congress about Social Security reform in 1974. He has consulted about social security to the World Bank and has written about social security in Chile, China, France, Germany, Italy, the Netherlands, Spain, Sweden and the UK as well as the US.
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