CONCEPTUAL FOUNDATIONS OF EFFICIENCY IN PUBLIC PENSIONSAuthors
efficiency; old age social security; efficiency in old age social security; economic effect; social effect.
This article examines the efficiency of public pensions. The need for an efficiently functioning pension system is highlighted based on the theoretical foundations of pension social security concepts such as: ‘welfare for the elderly’, ‘retirement insurance’ a factor for increasing the ‘productivity of labour’, a form of ‘return on human capital investment’, a solution to the ‘prodigal father’ problem and ‘longevity insurance’.
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