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№1 (30) / 2026 Full issue

Release Date 27.02.2026

 FROM THEORY TO ECONOMIC POLICY

 

 

 

Yanovskiy Konstantin

Doctor of Philosophy, head

Shomron Center for Economic Policy Research (Israel)

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Zhavoronkov Sergei

Independent researcher (Moscow)

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https://orcid.org/0000-0003-0328-5235

 

Zatcovetsky Ilia

senior research fellow

Shomron Center for Economic Policy Research (Israel)

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PUBLIC PENSIONS: UNOBVIOUS UTILITY WITH OBVIOUS DAMAGE

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The ageing of populations and the increasing imbalance between the income and liabilities of pension systems have long been topics of concern among economists. This study focuses on several key factors that fundamentally undermine the prospects for private solutions to old-age savings within the framework of the welfare state: inflation, rising investment risks (especially due to property depreciation), and institutional barriers. The problem of population ageing is considered separately and shown not to be a “natural disaster,” but rather a phenomenon influenced by the policies and actions of the welfare state itself. While technically feasible solutions exist, their implementation appears politically impractical—at least under normal circumstances. However, in situations of acute crisis, such political obstacles may rapidly and unexpectedly disappear.

 

Keywords: crisis of pension systems, private savings, inflation, business regulation, population ageing

 

JEL: D73, D78, J14, J18, J26

UDC: 332, 327

DOI: 10.52342/2587-7666VTE_2026_1_70_91

 

©  K. Yanovskiy, S. Zhavoronkov, I. Zatcovetsky, 2026

© Institute of Economics of the Russian Academy of Sciences «Issues of Theoretical Economics», 2026

 

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Manuscript submission date: 23.11.2025

Manuscript acceptance date: 18.12.2025

 

For citation:

Yanovskiy K., Zhavoronkov S., Zatcovetsky I. Public Pensions: Unobvions Utilite with Obvions Damage // Voprosy teoreticheskoy ekonomiki. 2026. No. 1. Pp. 70–91. DOI: 10.52342/2587-7666VTE_2026_1_70_91