Solutions for Developed Economies
نویسنده
چکیده
Providing the solution to the debt and deficit problems of developed economies is too big a task. I doubt it is possible to offer general recipes that can apply to all industrial countries, despite the surprisingly common origins of the deficit problems documented by the Mussa and Masson paper in this conference. For example, while in most countries accumulated social security liabilities represent perhaps the biggest source of concern on the evolution of public finances, social security systems differ significantly and recipes that are both efficient and politically viable in one country are unlikely to be applicable in other countries. In sum, budget retrenchment is a job of micromanagement: economists are at a loss when trying to come up with sweeping formulas that politicians could use well in the public debate.
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