Social Security's Investment Shortfall
Author | : Nils Hemming Hakansson |
Publisher | : World Scientific |
Total Pages | : 146 |
Release | : 2013 |
ISBN-10 | : 9789814407960 |
ISBN-13 | : 9814407968 |
Rating | : 4/5 (968 Downloads) |
Download or read book Social Security's Investment Shortfall written by Nils Hemming Hakansson and published by World Scientific. This book was released on 2013 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study documents that the notion of Social Security as a minimal safety net is consistent with the views of both Adam Smith and Friedrich Hayek and that private social security accounts are inefficient and subject to moral hazard and huge productivity losses. It also introduces a novel approach to long-term investing suitable for perpetual funds consistent with the empirical phenomena of risk premia and mean reversion, including no asset sales and the use of short-term borrowing on a rollover basis to cover negative net inflows.