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Economic growth with gifts in the family

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  • MICHEL, Philippe

Abstract

There are two basic models of economic growth. In the overlapping-generations model, there is no private transfer decision of households. In the model with an infinite-lived representative consumer, there is a complete harmony of all generations who behave as a unique agent. We propose another approach with gifts in the family and a unique head of the family. It differs from the joy of giving model in two points: parents take into account wealth of the children and gifts are two-sided, from parents to children and from children to parents. We first present standard results of the neoclassical growth theory and some recent developments. After that we study three different assumptions on the behavior of households: no gift, gifts in the family and one-sided gifts from parents to children.

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  • MICHEL, Philippe, 2002. "Economic growth with gifts in the family," LIDAM Discussion Papers CORE 2002051, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:2002051
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