Abstract
This study examined the effects of pay-as-you-go social security programs under various demographic assumptions including physical capital accumulation, education of the youth, support of the elderly, social welfare, and economic growth of the community. An overlapping generations framework in which agents are three-period lived agents are analyzed in this study. Findings of the study revealed a positive relationship between educational attainment and economic growth. However, programs designed to benefit the elderly affect the youth both directly and indirectly. Furthermore, social welfare considerations of the beneficiaries may not be achieved due to the passage of time and adjustments in the plans. Thus, policy-makers must develop a more comprehensive program to promote greater social welfare.
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