The Pay-As-You-Go Pension System as a Fertility Insurance and Enforcement Device
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It is argued that a PAYGO system may have useful allocative functions in that it serves as an insurance against not having children and as an enforcement device for rotten kid' who are unwilling to pay their parents a pension. It is true that the system has amoral hazard effect in terms of reducing
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美国国家经济研究局创建时间：
1998-06-01
