Optimal accumulation in an endogenous growth setting with human capital
By: by Frédéric Docquier, Oliver Paddison, Pierre Pestieau
Contributors: Paddison, Oliver
Series: Discussion paper -- no. 2081; Discussion paper (Forschungsinstitut zur Zukunft der Arbeit : Online) -- no. 2081
Publisher: IZA
Published: 2006
Place of publication: Bonn, Germany
Language: eng
Format: [electronic resource] /
Subjects: Human capital; Intergenerational relations; Saving and investment
Description: "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"--Forschungsinstitut zur Zukunft der Arbeit web site.
Notes: Title from PDF file as viewed on 4/18/2006.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.