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1、SocialSecurityandtheDistributionofWealthAuthor(s):MartinFeldsteinSource:JournaloftheAmericanStatisticalAssociation,Vol.71,No.356(Dec.,1976),pp.800-807Publishedby:AmericanStatisticalAssociationStableURL:http://www.jstor.org/stable/2286842.Accessed:01/06/201310:17Youruseofthe
2、JSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuse
3、informationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..AmericanStatisticalAssociationiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoJournaloftheAmericanStatisticalAssoci
4、ation.http://www.jstor.orgThiscontentdownloadedfrom140.247.11.10onSat,1Jun201310:17:25AMAllusesubjecttoJSTORTermsandConditionsSocialSecurityandtheDistributionofWealthMARTINFELDSTEIN*Eachhousehold's"totalwealth"isdefinedhereasits"fungiblereductioninconcentrationinthe1960's.'
5、Yetduringthiswealth"(i.e.,networth)plusits"socialsecuritywealth"(i.e.,thecenturytheshareofdisposableincomereceivedbyhighpresentactuarialvalueofitspotentialsocialsecuritybenefits).incomefamilieshasfallensubstantially.Kuznets[8,p.Analysisoffungiblewealthandtotalwealthfroma196
6、3nationalhouse-holdsurveyfindsthat(1)thedistributionoftotalwealthismuch637]calculatedthatthetoponepercentofthepopulationlessconcentratedthanthedistributionoffungiblewealth;(2)thereceived15.6percentofdisposableincomeinthe1920'sconcentrationoftotalwealthhasdecreasedsharplysin
7、ce1920,andbutonly7.7percentin1946(thelastyearofhisanalysis).2(3)thelifecycletheoryofwealthaccumulationismoreconsistentAlthoughexactlycomparablefiguresarenotavailablewiththeage-incomedistributionoftotalwealththanwiththedis-formorerecentyears,thereisnoevidenceofanincreasingtr
8、ibutionoffungiblewealth.concentrationofincomeandsomeevidencethattheshare1.INTRODUC
