When I’m 65: a reply to Martin Daunton
Robin Blackburn, 19 February 2004
The origins of state pensions are to be found in market failure. States have intrinsic advantages over companies as pension providers: because they have the power to tax, and are around for a long time, they can count on those not yet born to pay for the pensions of those not yet retired. Today’s contributions are used to pay today’s retirees (a company that did this would be...