Redistribution across age cohorts in pay-as-you-go (Английский)

As the resources of fewer workers are stretched to support a larger old population, pay-as-you-go schemes will inevitably yield rapidly diminishing payoffs to future generations, unless productivity rises fast enough to offset the effects of demography. Projected demographic profiles for Argentina, China, Hungary, Japan, and Kenya illustrate the increasing costs and decreasing returns to younger cohorts under pay-as-you-go pension plans, with populations...
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