Don't use AI and answer both parts 3. a) What is the difference between funded and unfunded social security system?b) Can the economy with any social security system Pareto dominate the competitiveequilibrium without social security? Justify your answer using an overlapping generations model.

A funded social security system is one where the contributions from current workers (and their…

Answered: 3. a) What is the difference between…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter4: Markets In Action

Section4.3: Market Failure

Problem 2YTE

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3. a) What is the difference between funded and unfunded social security system? b) Can the economy with any social security system Pareto dominate the competitive equilibrium without social security? Justify your answer using an overlapping generations model.