TITLE

Comments on Cesaratto's 'Transition to fully funded pension schemes: a non-orthodox criticism'

AUTHOR(S)
Michl, Thomas R.
PUB. DATE
November 2006
SOURCE
Cambridge Journal of Economics;Nov2006, Vol. 30 Issue 6, p981
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
23584036

 

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