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New Pension Economics
2015-09-23
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| New Pension Economics |
By Qin Zhongchun, Research Department of Rural Economy of DRC
Nov 1, 2014
Preface
Economics is a social science on the allocation of scarce resources. This book tries to discuss the issue of pension from the perspective of economics. Modern economics studies the nature of national wealth and the source of its growth. It has gradually evolved into a more in-depth and more widely-ranged theoretical framework encompassing Classical Economics, New Classical Economics, Development Economics and Institutional Economics. In modern economics, Institutional Economics boasts significant progress through evolving from an incomplete and immature theory to an integrated and comprehensive doctrine. Institutional Economics, with an original analytical approach, takes institution as a kind of transactional contract. By defining the definition and protection of property rights as well as the nature of being equal, mutually beneficial and cost-saving in transaction and the management of and checks on unpredictability as essential subjects, Institutional Economics believes that the building of an effective organization is the key to economic growth. It offers an excellent theoretical tool to interpret the actual social and economic phenomena and to address social and economic problems.
The core of economics is putting forward questions, breaking the questions down and addressing them. Simple economics is to study the relationships among several variables while the most complex one is to help people to address social and actual issues. One of the basic approaches in economics is to explore the relationships between certain variables while keeping some under control. This is a scientific, yet restrictive approach, as control of variables means the introduction of assumption, which is either not consistent with the real world or is but one scenario among all complexities of the world. Another approach in economics is to try to produce abstract general rules based on known facts, draw up a basic framework and put in all variables to explain general issues. In fact, many opinions seem reasonable when viewed separately, but they will become contradicted when observed under a macro aggregate perspective. That is because there are different underlying assumptions behind all these opinions, which renders all the aggregate comparison and crosschecking invalid. In order to address social and actual problems, we need to seek internal uniformity and reasonable differences between separate entities, and that is why we need the so-called top-level design. We have to connect all variables in accordance with their inner logics of uniformity. Therefore, the general framework of economics is most important.
Contents
Introduction: Reflections and Innovation-Based Theoretical Framework of New Pension Economics
Chapter One: The Proposing of the Question
Section One: Inspirations from a Story about Bird Hunting
Section Two: The Security Paradox in the Mainstream Design of Pension System
Section Three: Theoretical Imperfections in Present Pension Economics
Section Four: Architecture of New Pension Economics
Chapter Two: Conceptions, Definitions and Approaches
Section One: Basic Conceptions
Section Two: Basic Definitions
Section Three: Basic Approaches
Chapter Three: Basic Pension Mechanism Model
Section One: Model of Basic Pension Insurance Mechanism: Based on Acquisition with Labor or Due to Labor
Section Two: Model of Basic Pension Benefits Mechanism: Based on Acquisition without Labor or Acquisition Due to Poverty
Chapter Four: Basic Pension Insurance System
Section One: Targeted Participants: People with Incomes and General Social Members
Section Two: Role of the Government: Policy Regulator, Transactional Service Provider, Supervisor and Sponsor with Proportionate Fund
Section Three: Fund Balance: Fund-raising by Participants and Distribution among Participants
Section Four: Operation Mechanism: Accumulation and Distribution and Insurance Dividend
Section Five: Pension Input: Combine Mandatory Measures and Incentives
Section Six: Pension Remuneration: Resilient Security and Double Growth
Section Seven: Characteristics of the System: An Agreement of Limited Basic Investment and Limited Basic Returns
Chapter Five: Pension Contribution
Section One: Traditional Definition of Pension Contribution and Defects
Section Two: New Interpretation for Pension Contribution and Relevant Determinants
Section Three: Reasonable Mechanism for Pension Contribution
Chapter Six: Impacts from Demographic Factor
Section One: The Unpredictability of Individual Life Expectancy
Section Two: Structure of Social Average Life Cycle
Section Three: Types of Average Life Expectancy
Section Four: Definition of Remaining Average Life Expectancy after Retirement
Section Five: Forecast on China’s Future Population Development
Section Six: Estimation of Population with Minimum Annual Contribution
Section Seven: How to Address Aging Population
Chapter Seven: Investment Dividends and Policy-based Dividends
Section One: The Raising and Utilization of Investment Dividends
Section Two: The Raising and Utilization of Policy-backed Dividends
Chapter Eight: Dividends Resulting from Economic Transformation
Section One: Substance and Nature of Dividends Resulting from Economic Transformation
Section Two: Generation Mechanism of Dividends Resulting from Economic Transformation——Theoretical Analysis
Section Three: Generation Mechanism of Dividends Resulting from Economic Transformation——Empirical Analysis
Section Four: The Raising, Sharing and Transferring of Dividends Resulting from Economic Transformation
Section Five: Theoretical Significance and Policy Implications of Dividends Resulting from Economic Transformation
Chapter Nine: Development of Pension Insurance Remuneration
Section One: Traditional Interpretation of Pension Remuneration and Relevant Defects
Section Two: New Interpretation of Pension Remuneration and its Determinants
Section Three: The Approach towards Introducing Coefficient Benchmark System
Section Four: The Channels of Introducing Coefficient Benchmark System
Chapter Ten: Insurance Remuneration Adjustment
Section One: Traditional Approach toward and Theoretical Innovation of Insurance Remuneration Adjustment
Section Two: The Mechanism of Pension Insurance Remuneration Adjustment in Basic Pension Insurance Provided by US Government
Section Three: The Mechanism of Pension Insurance Remuneration Adjustment in Basic Insurance for Chinese Urban Workers
Section Four: A Comparison of Pension Insurance Remuneration Adjustment Mechanism between China and US Section Five: Reform on the Mechanism of Pension Insurance for Chinese Urban Workers
Chapter Eleven: New Interpretation for Pay-As-You-Go System and Fund Accumulation System
Section One: Traditional Interpretation for Pay-as-you-go System and Fund Accumulation System
Section Two: Perspectives and Defects of the Traditional Interpretation
Section Three: Perspectives and Basic Approach of the New Interpretation
Section Four: Pension Fund under Different Social Backgrounds
Section Five: Pension Replacement Ratio under Different Social Backgrounds
Section Six: New Interpretations for Pay-As-You-Go System and Fund Accumulation System
Section Seven: New Relationship between Pay-As-You-Go System and Fund Accumulation System
Chapter Twelve: From Pay-As-You-Go System to Fund Accumulation System
Section One: The Significance and Feasibility of the Switch of System
Section Two: Traditional Practice of the Switch of System
Section Three: Major Problems and Defects
Section Four: Reasonable Channels and New Mechanism of the Switch of System
Chapter Thirteen: New Interpretation for Social Pool
Section One: Traditional Interpretation and Defects of Social Pool
Section Two: New Interpretation and Major Nature of Social Pool
Chapter Fourteen: From the Combination of Social Pool Account with Individual Account to the Combination of Social Pool Pay with Individual Investment
Section One: The Combination of Social Pool Account with Individual Account: Combination of Segments
Section Two: The Combination of Social Pool Pay with Individual Investment: Combination of Chains
Section Three: A Comparison between the Combination of Social Pool Account with Individual Account and the Combination of Social Pool Pay with Individual Investment
Section Four: Building New Models of the Combination of Social Pool Pay with Individual Investment
Chapter Fifteen: Basic Pension Relief System
Section One: Targeted Group: Non-incomers and Aged with Low Income
Section Two: Role of the Government: Fund-raiser, Rule-setter, Transactional Service Provider and Supervisor
Section Three: Fund Balance: External Fund-raising and Distribution among Participants
Section Four: Operation Mechanism: National Relief with Subsistence Allowance as Supplement
Section Five: Pension Input: Public Finance and Transfer Payment
Section Six: Pension Remuneration: Subsistence Allowance and Margin Subsidy
Section Seven: Characteristics of the System: An Agreement of Limited Financial Input and Limited Security Standard
Chapter Sixteen: The Connection of Basic Pension System
Section One: To Cover Everyone in Need: Mechanism Innovation
Section Two: Principle of Connection: From End to End
Section Three: Design of the System: Complementary Compatibility
Chapter Seventeen: Management of Basic Pension Fund
Section One: Substance of Basic Pension Fund
Section Two: Property Management of Pension Fund
Section Three: Connecting Past, Present and Future
Section Four: The Introduction of Long-term Balance Sheet
Section Five: Removing the Gap of Pension Fund
Section Six: Management of the Investment of Pension Fund
Section Seven: Information Management of Pension Fund
Section Eight: Management Mode of Pension Fund
Chapter Eighteen: Management of the Basic Pension Fund Agreement
Section One: Transactional Agreement, Unpredictability and Opportunism
Section Two: Responsibilities and Risks of the Participants
Section Three: Responsibilities and Risks of the Insurers
Section Four: Promises, Mandatory Items and Securities
Afterword
References
