Préstamos intergeneracionales y la renta permanente.


The labour force provides two enormous loans during each period: one for children/adolescents (or descendants) and another for the inactive elderly population. These two loans represent a transfer of income from the period to each population group and they determine the purchasing power of the labour force. These include: lenders: labour force and service providers determine the total permanent income. Clearly these loans dissipate the instability of two parts of the inactive population, permitting the design of a permanent income that differs from those described by Milton Friedman and Franco Modigliani.


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