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- Title
THE PENSIONS COMMISSION: IS ADAIR TURNER IRRATIONAL OR CONFUSED?
- Authors
Congdon, Tim
- Abstract
Much of economic theory is concerned to establish that people are rational. This article presents a remark taken from the report of the Pensions Commission under the chairmanship of Adair Turner, which recommends increased state involvement in pension provision, with a consequent enlargement of the government's role in the economy and a rise in taxation. It notes that the proof the British public's supposed irrationality about long-term savings is that current pension promises cannot be met with existing plans for pension saving. But the report itself makes an elementary blunder in believing that savings for retirement consist entirely of a category of assets known as pension saving. The correct concept of saving is therefore not the personal savings ratio, but the savings ratio of the nation as a whole.
- Subjects
PENSIONS; RETIREMENT income; ECONOMICS; PROVISIONAL remedies; TURNER, Adair, 1955-
- Publication
Economic Affairs, 2005, Vol 25, Issue 1, p56
- ISSN
0265-0665
- Publication type
Article
- DOI
10.1111/j.1468-0270.2005.00529.x