Comments on Cesaratto's ‘Transition to fully funded pension schemes: a non-orthodox criticism’
评论了Cesaratto对养老金改革的新古典批评，指出其过度延伸了论点，并探讨了通过财政盈余和货币刺激政策实现公共养老金预融资的可行性。
Cesaratto's critique of the neoclassical approach to pension reform is valuable, but he has overextended his argument in applying it to proposals to use pre-funding as a mechanism for achieving greater public ownership and for redistributing wealth progressively. The fiscal surpluses needed to pre-fund the public pension system could increase investment, provided that they are offset by an appropriately stimulating monetary policy. The post-Keynesian investment literature descending from Kalecki's principle of increasing risk motivates on non-neoclassical grounds the interest sensitivity of investment required to make this policy mix effective. Copyright 2006, Oxford University Press.