Why a Funded Pension System is Useful and Why It is Not Useful
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Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the
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美国国家经济研究局创建时间：
2000-03-01
