Optimal accumulation in an endogenous growth setting with human capital

• 成果类型: Article
• 署名作者: Docquier, Frederic; Paddison, Oliver; Pestieau, Pierre
• 署名单位: Universite Catholique Louvain; University of Liege
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2006.03.008
• 发表日期: 2007
• 页码: 361-378
• 关键词: endogenous growth; human capital; intergenerational transfers

摘要

This paper considers a three-overlapping-generations model of endogenous growth wherein human capital is the engine of growth. It first contrasts the laissez-faire and the optimal solutions Three possible accumulation regimes are distinguished. Then it discusses a standard set of tax-transfer instruments that allow for decentralization of the social optimum. Within the limits of our model, the rationale for the standard pattern of intergenerational transfers (the working-aged financing the education of the young and the pension of the old) is seriously questioned. On pure efficiency grounds, the case for generous public pensions is rather weak. (c) 2006 Elsevier Inc. All rights reserved.