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Explain the asset-substitution effect of Social Security. How does the asset-substitution effect change the choices made by a worker who is saving for retirement? In

Explain the asset-substitution effect of Social Security. How does the asset-substitution effect change the choices made by a worker who is saving for retirement? In the long run, as many workers savings decisions are affected by the asset-substitution effect, what is the impact on the labor productivity of the typical worker? Explain in detail.

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