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1 [i] (1979)

handle is hein.amenin/aeiacmq0001 and id is 1 raw text is: The Effects of Social Security on Income and the Capital Stock, by Michael R. Darby, focuses on how the social security program affects the ratio of aggregate saving to income and the supply of labor offered for employment. It evaluates the bases for previous estimates of the reductions in the capital stock resulting from social security, and it attempts to improve on those estimates. The author shows that a reduction in either the saving-income ratio or the fraction of the population participating in the labor force will lower income and the capital stock. New time series evidence corroborates earlier estimates that social security has in fact caused a large reduction in the saving-income ratio, whereas under reasonable alternatives the estimates indicate no reductions in this ratio, or even increases in it. Overall, it is estimated that the social security program reduces domestic output from 0 to 4 percent and reduces the capital stock from 0 to 15 percent. Michael R. Darby is professor of economics at the University of California, Los Angeles, and research associate at the National Bureau of Economic Research. American Enterprise Institute for Public Policy Research 1150 Seventeenth Street, N.W., Washington, D.C. 20036 ISBN 978-0-8447-3329-6 || III || 9 0 000 9 780844 733296

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