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Are social-insurance pension systems public goods?

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Nemeth G.

Kozgazdasagi Szemle (Economic Review)

2005

vol. 52

issue 6

608-612

József Meszaros's article in the March issue of this journal employs some surprising and unusual methods of economics in an attempt to arrive at a deeper understanding of the operation and problems of the social-insurance pension system. Science indeed progresses as ideas at variance with dominant views shed doubts about the reality-explaining force of a period's mainstream thinking, prompting a search for more convincing and satisfying explanations. The breakthrough often comes from methods not previously employed that point out hitherto invisible relationships. The question is whether József Meszaros has made such a breakthrough by treating social-insurance pension systems as public goods and applying the apparatus of game theory. The author explains in the article why he is convinced that this has not been done.

Can actuaries wriggle out of their straitjackets? Comments on Miklos Arato's contribution on Janos Stahl's article.

100%

Nemeth G.

Kozgazdasagi Szemle (Economic Review)

2006

vol. 53

issue 6

560-567

Janos Stahl's article and Miklos Arato's contribution on it show that the reason for the absence of a solution to a problem seen as technical by outside observers and an internal professional matter by expert insurance mathematicians - the annuities provided to their members by the pension funds making up the second pillar of the pension system - must be sought largely in the lack of an economic grounding, or deficiencies in it. The answers that have been impeding progress suffer from lack of clarity, misconceptions or plain mistakes of principle and theory, and these have been preventing progress for almost a decade. The basic condition for a solution is to escape from the straitjacket of the actuarial thinking of those schooled in insurance practice. The author of this discussion article eventually arrives at almost the same point as Janos Stahl, but not by the same route and drawing different conclusions. Stahl strained at the actuarial framework and met with incomprehension, while the author of these lines seeks a solution to an economic problem..

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2 Kozgazdasagi Szemle (Economic Review)

1 2006

1 2005

2 Nemeth G.

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Are social-insurance pension systems public goods?

Can actuaries wriggle out of their straitjackets? Comments on Miklos Arato's contribution on Janos Stahl's article.