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8. (a) Use words and an appropriate graph to explain the wealth substitution effect of public pensions on an individual's level of private savings. (b)

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8. (a) Use words and an appropriate graph to explain the wealth substitution effect of public pensions on an individual's level of private savings. (b) Briefly outline the Samaritan's dilemma and how it helps understand the federal government's involvement in providing public pensions

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