Sukharev A.N.Russian Presidential Academy of National Economy and Public Administration, Tver branch, Tver, Russian Federation su500005@yandex.ru
Subject The subject of the article is to examine the conceptual aspects of welfare redistribution between generations. Objectives The purpose of this paper is to show the necessity and possibility (including mechanisms) of income smoothing between generations not only from the present to the future, but also from the future to the present. Methods The methodological basis of the study is the formal-logical and system approach to the topic under consideration. Results It is possible to use the research results in developing and implementing State strategic planning, developing economic policy in the sphere of public debt management, building and using sovereign funds. Conclusions Given that the future well-being should be higher than it is today, it is necessary to raise the issue and develop mechanisms for possible partial transformation of the future well-being of today's society. In this context, I introduce the notion of deferred expenses and demonstrate the need to maintain a register. It is reasonable to measure deferred expenses not only in absolute terms (in nominal and real figures), but also against the GDP. It is necessary to compare the growth rates of accumulated deferred expenses with the growth rates of GDP and per capita GDP depending on the nature of funds invested in future by the society. I have formulated the condition of possible realization of deferred expenses: the long-term increment rate of accumulated deferred expenses should be less or equal to the long-term rate of economic growth. One of the means of redistributing income from the future to the present is an increase in payments (pensions) to the older generations. The level of these payments should correspond to pension payments of conditional next generation (based on per capita income that will be in 30 years), and pension payments to this generation, in turn, should correspond to pension payments of the next generation, and so on.
Keywords: economic growth, future generation, GDP, redistribution, sovereign fund
References:
Akaev I.Ch. K voprosu o fundamental'nykh predelakh ekonomicheskogo rosta i potrebleniya [On fundamental limits of economic growth and consumption]. Doklady Akademii nauk – Reports of Academy of sciences, 2010, vol. 434, no. 6, pp. 749–755.
Bondarenko V.M. Nasledie S. Kuznetsa i perspektivy ekonomicheskogo rosta v XXI v. [The legacy of S. Kuznets and economic growth prospects in the 21th century]. Gorizonty ekonomiki – Horizons of economy, 2013, no. 4, pp. 3–10.
Gordon R.D. Zakonchen li ekonomicheskii rost? Shest' prepyatstvii dlya innovatsionnogo razvitiya (na primere SShA) [Is the economic growth finished? Six barriers to innovation development (the case of the USA)]. Voprosy economiki, 2013, no. 4, pp. 49–67.
Gur'eva O.Yu. Osobennosti raspredelitel'nykh i nakopitel'nykh pensionnykh sistem [Specifics of distributing and accumulating pension systems]. Available at: Link. (In Russ.)
Gusev Ya.V. Granitsy ekonomicheskogo rosta i modeli ekonomicheskogo razvitiya v svete sovremennykh ekologicheskikh trebovanii [Economic growth boundaries and economic development models in the context of modern environmental requirements]. Available at: Link. (In Russ.)
Ivanov V.V., Sokolov B.I. Suverennye fondy nakopleniya [Sovereign accumulation funds]. Ekonomika i upravlenie – Economics and management, 2011, no. 12, pp. 93–99.
Karaseva L.A. Uroki sotsial'no-ekonomicheskogo proektirovaniya [Lessons of socioeconomic planning]. Natsional'nye interesy: prioritety i bezopasnost' – National interests: priorities and security, 2012, no. 11, pp 30–37.
Karaseva L.A. Ekonomiko-teoreticheskie osnovy modernizatsii ekonomiki (k voprosu o deistvitel'noi i mnimoi modernizatsii) [Economic-theoretical bases of economy modernization (on real and imaginary modernization)]. Natsional'nye interesy: prioritety i bezopasnost' – National interests: priorities and security, 2011, no. 33, pp. 11–17.
Keynes J. Ekonomicheskie vozmozhnosti nashikh vnukov [Economic Possibilities for our Grandchildren]. Voprosy economiki, 2009, no. 6, pp. 60–69.
McKibben B. Otkazat'sya ot rosta [Refuse growth]. Scientific American, 2010, no. 6, pp. 39–42.
Meadows D.H., Randers J., Meadows D.L. Predely rosta. 30 let spustya [The Limits to Growth: The 30-Year Upgrade]. Moscow, BINOM Publ., 2012, 360 p.
Mel'yantsev V.A. Otsenka dolgosrochnykh traektorii rosta mirovoi ekonomiki [Assessing long-term trajectories of global economic growth]. Vostochnaya analitika – Eastern analytics, 2012, no. 3, pp. 14–26.
Nakopitel'naya ili raspredelitel'naya? Obsuzhdenie putei razvitiya pensionnoi sistemy [Accumulative or distributive? Discussing the ways of pension system development]. Available at: Link. (In Russ.)
Pogodaev T.V. Perspektivy ekonomicheskogo rosta stran v kontekste problemy gosudarstvennogo dolga [Prospects for economic growth in the context of the public debt problem]. Finansy i kredit – Finance and credit, 2013, no. 11, pp. 49–55.
Prokop'eva E.L., Kokonova O.V. Modeli pensionnogo obespecheniya v rossiiskoi i zarubezhnoi praktike [Models of pension system in Russian and foreign practice]. Strakhovoe delo – Insurance, 2012, no. 10, 11, pp. 8–13.
Ryzhova M.V. Evolyutsiya vzglyadov na gipotezu zhiznennogo tsikla [The evolution of views on the life cycle hypothesis]. Available at: Link. (In Russ.)
Stabilizatsionnyi fond: za i protiv. Itogi kruglogo stola v Institute Evropy RAN 1 noyabrya 2006 g. [Stabilization Fund: pros and cons. The round-table conference results at the Institute of Europe, Russian Academy of Sciences, November 1, 2006]. Bankovskoe delo – Banking, 2006, no. 12, p. 11.
Sukharev A.N. Suverennye fondy blagosostoyaniya: mezhdunarodnyi i rossiiskii opyt [Sovereign wealth funds: international and Russian experience]. Finansy i kredit – Finance and credit, 2010, no. 17, pp. 31–37.
Sukharev A.N. Suverennye fondy blagosostoyaniya: opyt sozdaniya i puti razvitiya [Sovereign wealth funds: experience of creation and ways of development]. Finansovaya ekonomika – Financial economics, 2010, no. 3, pp. 21–36.
Khalturina O.A. Pensionnaya sistema: raspredelitel'naya, nakopitel'naya ili obe [The pension system: distributive, accumulative or both]. Sibirskaya finansovaya shkola – Siberian financial school, 2009, no. 4, pp. 24–29.
Modigliani F. The Collected Papers of Franco Modigliani. Vol. 3. The Theory of Finance and Other Essays. Cambridge, MIT Press, 1980.
Modigliani F., Brumberg R. Utility Analysis and the Consumption Function: an Interpretation of Cross-Section Data. The Collected Papers of Franco Modigliani. London, Cambridge, MIT Press, 2005, pp. 3–10.
