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Welfare, Population Growth and Dynamic Inefficiency in an OLG Framework

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  • Daniel Mulino
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    Abstract

    In 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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    File URL: http://www.buseco.monash.edu.au/eco/research/papers/2005/1905twoperiodolg.pdf
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    Bibliographic Info

    Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 19/05.

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    Length: 13 pages
    Date of creation: 03 Oct 2005
    Date of revision:
    Handle: RePEc:mos:moswps:2005-19

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    Postal: Department of Economics, Monash University, Victoria 3800, Australia
    Phone: +61-3-9905-2493
    Fax: +61-3-9905-5476
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    Web page: http://www.buseco.monash.edu.au/eco/
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    1. 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.
    2. 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.
    3. 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.
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