A note on the aggregate effects of social security
在Karni和Zilcha（1989）的代际交叠经济中证明，当社会保障与现有私人年金同样不公平时，完全基金制社会保障会降低总产出、消费、就业和资本水平。
In an overlapping generations economy of Karni and Zilcha (1989), a fully-funded social security program is shown to reduce the aggregate levels of output, consumption, employment, and capital when the social security and the existing private annuities are equally unfair (actuarially).