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Gerontocracy, Retirement, and Social Security
National Bureau of Economic Research [NBER] May 18, 1999 "Why are the old politically successful? We build a simple interest group model in which political pressure is time-intensive, showing that in the political competitive equilibrium each group lobbies for government policies that lower their own value of time but that the old do so to a greater extent and as a result are net gainers from the political process." |
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