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Labor productivity and dynamic efficiency

Author

Listed:
  • Emmanuel Thibault

    () (GREMAQ, Université de Toulouse I)

  • Bruno Decreuse

    () (GREQAM, Université de la Méditerranée)

Abstract

This note exhibits sufficient conditions concerning the skills of old workers ruling out overaccumulation stationnary equilibria in an OLG model with productive capital. Using a Cobb-Douglas economy, we show that such conditions seem to be largely fullfilled in the industrialized countries.

Suggested Citation

  • Emmanuel Thibault & Bruno Decreuse, 2001. "Labor productivity and dynamic efficiency," Economics Bulletin, AccessEcon, vol. 4(13), pages 1-6.
  • Handle: RePEc:ebl:ecbull:eb-01d90002
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    File URL: http://www.accessecon.com/pubs/EB/2001/Volume4/EB-01D90002A.pdf
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    References listed on IDEAS

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    1. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
    2. Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," Review of Economic Studies, Oxford University Press, vol. 56(1), pages 1-19.
    3. Emmanuel Thibault, 2000. "Existence of equilibrium in an OLG model with production and altruistic preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 15(3), pages 709-715.
    4. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
    5. Galor, Oded & Ryder, Harl E., 1991. "Dynamic efficiency of steady-state equilibria in an overlapping-generations model with productive capital," Economics Letters, Elsevier, vol. 35(4), pages 385-390, April.
    6. Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, vol. 53(6), pages 1499-1528, November.
    7. W. Davis Dechert & Kenji Yamamoto, 1992. "Asset Valuation and Production Efficiency in an Overlapping-Generations Model with Production Shocks," Review of Economic Studies, Oxford University Press, vol. 59(2), pages 389-405.
    8. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, vol. 38(2), pages 183-198, March.
    9. Bruno Decreuse, 2001. "Dying of selfishness," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 17(2), pages 481-488.
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    Citations

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    Cited by:

    1. repec:ebl:ecbull:v:4:y:2002:i:7:p:1-10 is not listed on IDEAS
    2. Stéphane Lambrecht & Philippe Michel & Emmanuel Thibault, 2006. "Capital Accumulation and Fiscal Policy in an OLG Model with Family Altruism," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(3), pages 465-486, August.
    3. Ronald Wendner, 2002. "Capital Accumulation and Habit Formation," Economics Bulletin, AccessEcon, vol. 4(7), pages 1-10.
    4. Emin Gahramanov, 2009. "Tax Evasion and Dynamic Inefficiency," Economics Bulletin, AccessEcon, vol. 29(1), pages 437-443.

    More about this item

    Keywords

    learning-by-doing;

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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