Strategic Factors in Economic Growth: A Social Science View

Clough, Shepard B.

doi:10.2307/2145413

Cited by 2 publications

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“…The social security system is intended to satisfy the people's need for living and to protect people's basic right for survival. The performance of social security directly affects the public's attitude toward the government and avoids the worry of Chough (1955) as much as possible. It is also an indicator of a country's modernization.…”

Section: Discussionmentioning

confidence: 99%

“…There are many factors in declines of this character, such as the depletion of the soil; of forests, and of other natural resources, and military defeats, but one of the most important is generally overlooked; it is that as a society attains a high level of material well-being, it strives to satisfy non-economic wants. -These words are taken from Chough (1955), views before 50 years ago.…”

Section: Introductionmentioning

confidence: 99%

“…Hence, how to achieve the balanced development of social security and economic aspects is a mutual aid target. But so far, the worry of Chough (1955) still exists. Like Feldstein (1974) and Sala-i-Martin (1992), they argued that if social security expenditure induces earlier retirement, it may positively influence savings, and therefore growth.…”

Section: Introductionmentioning

confidence: 99%

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Social security expenditures and economic growth

Chang

2006

Journal of Economic Studies

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Purpose -The purpose of this paper is to re-examine the long-run co-movement and causal relationship between GDP and social security expenditures. Design/methodology/approach -The paper uses panel data unit root tests and panel cointegration tests, as well as estimation techniques appropriate for heterogeneous panels such as fully modified OLS. Data are employed on 12 Asian countries from 1972 to 2000. Findings -The cointegration test results show strong evidence in favor of the existence of a long-run equilibrium cointegrating relationship between GDP, capital stock and social security expenditures after allowing for heterogeneous country effects. Regarding the panel-based error correction model and the Granger causality test, there are long-run, bi-directional causal linkages between social security expenditures and economic growth. In addition to the robust test, they display similar results. Originality/value -The paper shows that in every moment, economic growth must be based in the social welfare policy contiguously, and the economic growth process can allow the social welfare policy to proceed contiguously

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%