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Age distribution and age heterogeneities in economic profiles as sources of conflict between efficiency and equity in the Solow-Stiglitz framework

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  • Piero Manfredi
  • Luciano Fanti

Abstract

Much of the debate on the role played by the age distribution of the population in shaping the growth regimes of the neoclassical growth model of Solow has focused on the notion of capital dilution and the possibility that "optimal" population growth regimes (OPGR) exist. Conversely less has been done as regards the implications of growth regimes for distribution, probably because Stiglitz's (1969) fundamental result predicts that economic growth sets in motion forces of an "essentially" egalitarian nature. In this paper we start to investigate how distinct regimes of population growth and age distribution affect income and wealth distribution in a Solow-Stiglitz framework embedding a single but fundamental "inequality preserving" force, e.g. an heterogeneous age profile of labour productivity. Our main results are that 1) a population growth regime characterised by minimal inequality (a MinIPGR) often exists, but 2) it is usually amazingly far from the corresponding OPGR, when also an OPGR exists. This seems to suggest a potentially striking trade-off between efficiency and equity during economic growth.

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Bibliographic Info

Paper provided by Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy in its series Discussion Papers with number 2004/37.

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Date of creation: 01 Jan 2004
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Handle: RePEc:pie:dsedps:2004/37

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Keywords: neoclassical growth model; population growth and age distribution; income distribution; Optimal Population Growth Rate; Minimal Inequality Population Growth Rate;

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Cited by:
  1. Lorenzo Corsini & Elisabetta Olivieri, 2008. "Technological Change and the Wage Differential between Skilled and Unskilled Workers: Evidence from Italy," Discussion Papers 2008/73, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  2. Luciano Fanti & Luca Gori, 2012. "Endogenous Lifetime in an Overlapping-Generations Small Open Economy," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(2), pages 121-152, June.
  3. Luciano Fanti & Luca Gori, 2008. "PAYG pensions and economic cycles: exogenous versus endogenous fertility," Discussion Papers 2008/75, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  4. Luciano Fanti & Luca Gori, 2009. "Endogenous fertility, endogenous lifetime and economic growth: the role of health and child policies," Discussion Papers 2009/91, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

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