1 (A life-eyele model with social security) In society there are individuals who
work in the first period and retire in the second period. The population grows atrate at
m per period, Luis the labor force at time tand Alis the retiree at time t Population
growth rate nimplies that 太一(+站1 and太一(+月4 Each worker at time
eams a wage of W, Each aged retiree receives benefits of b Now the society
implements the pay-as-you-go social security system, so the govemment collects tax
mate of to balance the