Tables and Figures -- Acknowledgments -- 1. GENERAL INTRODUCTION -- PART 1 - THE ECONOMIC THEORY OF DYNAMIC OLD-AGE PENSIONS -- 2. INTRODUCTION SCOPE AND METHOD -- 3. OLD-AGE PENSIONS IN A PERFECTLY COMPETITIVE ECONOMY -- 4. COLLECTIVE DEMAND FOR OLD-AGE PENSIONS -- The Nature of Demand for Old-Age Pensions Sources of Collective Demand for Old-Age Pension Market Imperfections Concern with the Social Environment -- 5. OLD-AGE PENSIONS IN AN IMPERFECT ECONOMY -- A Holistic Model of Dynamic Pensions Basic Characteristics Financing Provisions Comparisons Between the Holistic Model andOther Models of Public Pensions -- PART 2 - THE INFLUENCE OF THE ECONOMY ON A PAY-AS-YOU-GO SYSTEMS OF PENSIONS -- 6. AN ECONOMIC-DEMOGRAPHIC MODEL OF THE PAY-AS-YOU-GO SYSTEM -- Introduction -- The Model -- Price-Indexed Pensions -- Wage-Indexed Pensions -- The Growth Rate of the Payroll Tax --7. EMPIRICAL EVIDENCE OF THE INFLUENCE OF THE ECONOMY ON THE U.

S. OASI PROGRAM -- Simulations of the OASI Program -- Decomposition of the Growth Rate of the Payroll Tax -- PART 3 - THE IMPACT OF A PAY-AS-YOU-GO PENSION SYSTEM ON THE ECONOMY -- 8. INTRODUCTION -- 9. SOCIAL SECURITY WEALTH -- Feldstein's Concept of Social Security Wealth -- A New Concept of Social Security Wealth -- 10. THE IMPACT OF A PAY-AS-YOU-GO PENSION SYSTEM ON THE ECONOMY: REVIEW OF THE LITERATURE -- The Excess Burden of a Pay-As-You-Go Pension System -- The Effect of Public Pensions on Saving -- Empirical Evidence -- Policy Implications of Capital Deficiency -- 11. A PAY-AS-YOU-GO PENSION SYSTEM IN A STEADYSTATE GROWTH MODEL -- 12. THE IMPACT OF A PAY-AS-YOU-GO PENSION SYSTEM ON INCOME AND THE CAPITAL STOCK: EVIDENCE FROM THE U.S.

TIME SERIES -- Estimates Based on Consumption Function -- Estimates Based on a System of Simultaneous -- Equations on a Simulation -- Estimates Based -- Conclusions -- APPENDICES -- Appendix A: A Demographic Model -- Appendix B: Description and Sources of -- Variables Used in Chapter 7 -- Appendix C: Social Security Wealth in 1958 Dollars -- Appendix D: Names and Sources of variables -- Used in the Simultaneous Equation System. -- Appendix E: Actual and Simulated Values -- BIBLIOGRAPHY -- INDEX.