Public Debt, Human Capital Formation, and Dynamic Inefficiency
The present paper considers public debt in an economy where human capital formation sustains long-run per capita income growth. It shows that contrary to what has been obtained in other types of endogenous growth economies public debt may benefit current and future generations by removing dynamic inefficiency. Copyright Springer Science + Business Media, Inc. 2005
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Volume (Year): 12 (2005)
Issue (Month): 1 (January)
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