Welfare, Population Growth and Dynamic Inefficiency in an OLG Framework
AbstractIn a two-period OLG framework, there is only one rate of population growth at which the competitive equilbrium outcome is also the golden rule outcome. I show that this is the welfare minimizing outcome for agents. Moreover, I show that as population growth increases beyond the welfare minimizing level, agents are better off even as the economy becomes more dynamically inef_cient.
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Bibliographic InfoPaper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 19/05.
Length: 13 pages
Date of creation: 03 Oct 2005
Date of revision:
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Postal: Department of Economics, Monash University, Victoria 3800, Australia
Web page: http://www.buseco.monash.edu.au/eco/
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- Samuelson, Paul A, 1976. "The Optimum Growth Rate for Population: Agreement and Evaluations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 516-25, June.
- Deardorff, Alan V, 1976. "The Optimum Growth Rate for Population: Comment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 510-15, June.
- Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-38, October.
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