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21NBER20131218035700.0131218s2005 mau||||fs|||| 000 0 eng d1
aEhrlich, Isaac.10aSocial Security, Demographic Trends, and
Economic Growthh[electronic resource]:bTheory and Evidence
from the International Experience /cIsaac Ehrlich, Jinyoung
Kim. aCambridge, Mass.bNational Bureau of Economic
Researchc2005.1 aNBER working paper seriesvno. w11121
aFebruary 2005.3 aThe worldwide problem with pay-as-you-go
(PAYG) social security systems isn't just financial. This study
indicates that these systems may have exerted adverse effects on
key demographic factors, private savings, and long-term growth
rates. Through a comprehensive endogenous-growth model where
human capital is the engine of growth, family choices affect
human capital formation, and