Full text: Capital Gains, Pension Funds and the Low Savings Ratio in the United States

14 
people wanting to shape their life according their individual 
needs and tastes and yet doubt whether pension funds and private 
insurance contribute anything very essential to this aim.Those who 
shape economic policy and their advisers do not seem to be aware 
of the unfortunate negative aspects of the system or they would 
not have changed the social security system in 1983 from a pay as 
you go principle to insurance which promises in good part to 
repeat the regrettable consequences of the pension funds. 
Bibliography 
Federal Reserve System ( 1975 ) Introduction to Flow of 
Funds.Washington. 
OECD ( 1988 ) Financial Accounts of the OECD countries 1987.Paris 
Hirsch,F. ( 1976 ) Social Limits to Growth.Harvard Univ.Press 
Cambridge Mass. 
Munnel,A.H. ( 1987 ) Pension Contributions and the Stock 
Market.New England Economic Review.Nov.Dec. 
Scitovsky,T. ( 1986 ) An Anomaly in the U.S. Personal Income and 
Saving Statistics. Jon S.Cohen and G.C.Harcourt 
(ed) International Monetary Problems and Supply 
Side Economics. Macmillan London. 
( 1987 ) Growth in the Affluent Society. Lloyds Bank 
Review.no.163, January. 
Steindl, J. ( 1982 ) The Role of Household Saving in the Modern 
Economy. Quarterly Review Banca Nazionale del 
Lavoro.no.140, March. 
UNO ( 1968 ) A System of National Accounts. Washington 
Warhawsky, M.J. ( 1988 ) Pension Plans: Funding, Assets and 
Regulatory Environment. Federal Reserve 
Bulletin. Nov.
	        

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