Hannes Androsch Pay-As-You-Go – A Relict from the Past Hannes Androsch was born in Vienna, Austria, in 1938. In the 1970s and 1980s, he was one of the foremost or a Promise for the Future? politicians in the country, serving in successive Bruno Kreisky administrations as finance minister and vice- chancellor. After leaving politics, he served as general director of the Creditanstalt-Bankverein and as a consultant Markus Knell with the World Bank. Today, Hannes Androsch manages his holding company which consists of a range of industrial enterprises and is also active in cultural and scientific institutions. He is widely sought after for this views on important financial, economic and political events in Europe and is a regular contributor of articles and commentaries to a wide range of journals and periodicals. The foundation Winning Contribution to the set up by Hannes Androsch in his name with the Austrian Hannes Androsch Prize 2011 on Academy of Sciences is Austria’s largest private foundation for the advancement of science and research in Austria. “The Design of a Social Security System Which Can Withstand the Dual Threat of Demographic Developments and Financial Market Risk” Markus Knell Markus Knell has studied philosophy, sociology and Pay-As-You-Go economics at the University of Vienna, the University of • California (San Diego) and the University of Zurich. He has held positions as assistant professor at the Universities of Vienna and Zurich and is currently working in the research department of the Austrian National Bank. His research focuses on question of macroeconomic and monetary policy, on wage-setting and on pension systems and he has published numerous articles on these topics in international Hannes Androsch Foundation journals. Knell Markus at the Austrian Academy of Sciences Sonderband KNELL_000_Cover_DRUCKDATEN-endgültig_27-04-2011.indd 1 27.04.2011 13:08:46.