The Intergenerational Welfare State and The Rise and Fall of Pay‐As‐You‐Go Pensions
构建了一个双支柱代际福利国家理论，解释现收现付养老金慷慨度的兴衰，发现教育支出与养老金结合可在无市场失灵时改善长期效率，且养老金最终可被完全基金制取代。
This article develops a theory of the two-armed intergenerational welfare state, consistent with key features of modern welfare arrangements, and uses it to rationalise the rise and fall in generosity of Pay-as-you-go Pensions solely on efficiency grounds. By using the education arm, a dynamically-efficient welfare state is shown to improve upon long-run laissez faire even when market failures are absent. To release these downstream welfare gains without hurting any transitional generation, help from the pension arm is needed. In the presence of an intergenerational education externality, pensions initially rise in generosity but can be replaced by fully funded pensions eventually.