Robert Merton's Retirement Income Lecture
MIT Professor Robert Merton addresses the challenge of financing retirement income in a lecture delivered this past January.
Merton briefly discusses the financial crisis and suggests that it is unproductive to think about digressing to a financial world that preceded Glass-Steagall and financial innovation. Merton’s view is that financial engineering is indispensable in addressing the large and complex issues of pension and retirement finance.
Merton’s basic prescription for improving the general state of retirement finance includes increasing savings, working longer, taking more risk. Most would agree with the first two choices but the third—taking more risk—seems...
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