> Take for example "pay-as-you-go" pension systems in much of Europe.
Money by itself is worthless if you can't exchange it for actually useful goods and services. So non-"pay-as-you-go" pensions cannot circumvent demography, either – if too many retirees with their accumulated capital would be chasing too little working-age people providing goods and services, you'd just get inflation and all your accumulated capital became worth less.
Money by itself is worthless if you can't exchange it for actually useful goods and services. So non-"pay-as-you-go" pensions cannot circumvent demography, either – if too many retirees with their accumulated capital would be chasing too little working-age people providing goods and services, you'd just get inflation and all your accumulated capital became worth less.