Essentials of Pension Economics

This Palgrave Pivot provides a concise overview of pension systems which, whether paid by governments or by private companies, are the sole source of income for millions of people around the world. By 2050, two billion elderly people will have to be ensur

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Essentials of Pension Economics

Sergio Nisticò

Essentials of Pension Economics

Sergio Nisticò Department of Economics and Law University of Cassino and Southern Lazio Cassino, Italy

ISBN 978-3-030-26495-6 ISBN 978-3-030-26496-3  (eBook) https://doi.org/10.1007/978-3-030-26496-3 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Pivot imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

To my late father and mother

Preface

The idea of writing a book on Pensions was prompted by the urgent relevance of the issue. Pensions, whether paid by governments or by private companies, are the sole source of income for millions of people around the world. By 2050, two billion elderly people will have to be ensured some form of income. At the same time, the prospect facing the young generations is of a gloomy future, leaving scant room for savings to support their parents, their older fellow citizens or themselves when old, the actual direction their savings take depending on the social arrangements affecting them. This is why pensions have as much to do with social policy as with economics, the essential role of the latter being to investigate and reveal the, possibly hidden, trade-offs of alternative courses of action. Despite its relevance, the economic dimension of the pension issue finds little, if any, room among the subjects taught worldwide in university economics, management and even political science programmes. This compendious volume should ideally act as an incentive for the many professors of micro-, macro- and public economics to try to include a short course on Pensions in their undergraduate or graduate syllabuses, as I have done in the past fifteen years,