12/11/2013Category: own research others
Pension systems are institutional structures for intergenerational exchange. They work in a long time horizon. Income allocation within the pension systems is spread over many decades. Although neither governments nor markets operate in a perspective comparable to the pension one, societies do not have any other kind of institutions that could be used to cope with long-term challenges. Dealing with consequences of population ageing requires going beyond that bipolar way of thinking.