Question 1 Age pensions, superannuation and saving
The current age pension system in Australia is best described as a pay-as-you-go system (PAYG). An alternative system is a fully-funded social security system.
a. Explain the two systems.
b. What happens to Australian output per worker and the growth of output per worker in the long run if the current age pension system is shifting to the fully-funded social security system?
c. Explain whether Australia’s superannuation scheme is like a shift towards a fully-funded system. What motivates the Australian government to make such a move?
Question 2 Growth
Suppose that the economy’s production function is:
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