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Immiserizing Growth in Diamond's Overlapping Generations Model: A Geometrical Exposition

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Matsuyama, Kiminori

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Abstract

The welfare analysis of P. A. Diamond's overlapping generations model is often restricted to a steady-state comparison. This paper demonstrates that a simple diagrammatic technique is useful for a Pareto welfare analysis. In particular, it shows that capital saving technological progress could make all generations (including those which level during the transition period) worse off whenever the economy is dynamic inefficient. On the other hand, technological progress always makes some generations better off when the economy is dynamic efficient. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 32 (1991)
Issue (Month): 1 (February)
Pages: 251-62
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Handle: RePEc:ier:iecrev:v:32:y:1991:i:1:p:251-62

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December. [Downloadable!] (restricted)
  2. Shell, Karl, 1971. "Notes on the Economics of Infinity," Journal of Political Economy, University of Chicago Press, vol. 79(5), pages 1002-11, Sept.-Oct. [Downloadable!] (restricted)
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  1. Partha Sen, 2005. "Perfect Competition and the Keynesian Cross:Revisiting Tobin," Working papers 135, Centre for Development Economics, Delhi School of Economics. [Downloadable!]
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