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Social Security, Generational Justice, And Long-Term Deficits, Neil H. Buchanan
Social Security, Generational Justice, And Long-Term Deficits, Neil H. Buchanan
Rutgers Law School (Newark) Faculty Papers
This paper assesses current methods for evaluating the long-term viability and desirability of government activities, especially Social Security and other big-ticket budget items. I reach four conclusions: (1) There are several simple ways to improve the current debate about fiscal policy by adjusting our crude deficit measures, improvements which ought not to be controversial, (2) Separately measuring Social Security’s long-term balance is inappropriate and misleading, (3) The methods available to measure very long-term government financing (Fiscal Gaps and their cousins, Generational Accounts) are of very limited value in setting public policy today, principally because there is no reliable baseline of …
Wealth, Utility, And The Human Dimension, Jonathan Klick, Francesco Parisi
Wealth, Utility, And The Human Dimension, Jonathan Klick, Francesco Parisi
All Faculty Scholarship
Functional law and economics, which draws its influence from the public choice school of economic thought, stands in stark contrast to both the Chicago and Yale schools of law and economics. While the Chicago school emphasizes the inherent efficiency of legal rules, and the Yale school views law as a solution to market failure and distributional inequality, functional law and economics recognizes the possibility for both market and legal failure. That is, while there are economic forces that lead to failures in the market, there are also structural forces that limit the law’s ability to remedy those failures on an …