The Political Economy of Public Pensions by Norcross, Eileen; Smith, Daniel J.;

Series: Elements in Austrian Economics;

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Product details:

Publisher Cambridge University Press
Date of Publication 2 September 2021

ISBN 9781009011624
Binding Paperback
No. of pages88 pages
Size 228x152x5 mm
Weight 144 g
Language English

Short description:

This Element examines the development of the pension crisis through the lens of political economy.

Long description:

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.