Author : Thomas R. Michl
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Book Synopsis Comments on Cesaratto's 'Transition to Fully Funded Pension Schemes by : Thomas R. Michl
Download or read book Comments on Cesaratto's 'Transition to Fully Funded Pension Schemes written by Thomas R. Michl and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.