Pareto-Improving Intergenerational Transfers
AbstractIn the presence of endogenous growth intergenerational transfer from the young to the old reduce per capita income growth and harm future generations. On the other hand, competitive equilibria are inefficient if externalities sustain long-run growth. This paper shows that if individuals retire in the last period of their life, the inefficiency of the market economy can be removed by an investment subsidy without making the current or future generations worse off only if coupled with intergenerational transfers from the young to the old. Copyright 2001 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 53 (2001)
Issue (Month): 2 (April)
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Other versions of this item:
- Berthold U. Wigger, 2000. "Pareto-improving intergenerational transfers," CSEF Working Papers 37, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Berthold U. Wigger, 2000. "Pareto-Improving Intergenerational Transfers," CESifo Working Paper Series 285, CESifo Group Munich.
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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