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The Crisis and Reform of Social Security: An Economic Analysis from the Austrian Perspective

The Crisis and Reform of Social Security: An Economic Analysis from the Austrian Perspective Jesus Huerta de Soto° 1. Introduction The problems posed by public Social Security may be divided into two broad areas. Firstly, the problem of pensions in the case of retirement, widowhood, orphaned children and disablement, that is to say, the regular payment of benefits in the case of survival, disablement or death. Secondly, the problem posed by "medical assistance" is also of great importance. We are going to deal with these two problems separately, although we will pay special attention to the subject of pensions, as it probably constitutes the most significant problem in western countries, in view of the importance of the liabilities which have been assumed and the difficulties stemming from any attempted reform process in this area. Thus, we will devote the first section to the diagnosis of the problem posed by the Social Security in the pensions field, from both the technical and ethical standpoints. We will then conclude that there is an inherent contradiction in all state Social Security systems and will present the libertarian model of Social Security which we consider most appropriate. Fourthly, we will propose a reform process for the Social Security which, oriented towards the appropriate objective, minimizes the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

The Crisis and Reform of Social Security: An Economic Analysis from the Austrian Perspective

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Publisher
de Gruyter
Copyright
Copyright © 1994 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-1994-0105
Publisher site
See Article on Publisher Site

Abstract

Jesus Huerta de Soto° 1. Introduction The problems posed by public Social Security may be divided into two broad areas. Firstly, the problem of pensions in the case of retirement, widowhood, orphaned children and disablement, that is to say, the regular payment of benefits in the case of survival, disablement or death. Secondly, the problem posed by "medical assistance" is also of great importance. We are going to deal with these two problems separately, although we will pay special attention to the subject of pensions, as it probably constitutes the most significant problem in western countries, in view of the importance of the liabilities which have been assumed and the difficulties stemming from any attempted reform process in this area. Thus, we will devote the first section to the diagnosis of the problem posed by the Social Security in the pensions field, from both the technical and ethical standpoints. We will then conclude that there is an inherent contradiction in all state Social Security systems and will present the libertarian model of Social Security which we consider most appropriate. Fourthly, we will propose a reform process for the Social Security which, oriented towards the appropriate objective, minimizes the

Journal

Journal des Économistes et des Études Humainesde Gruyter

Published: Mar 1, 1994

References