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Altruism, Deficit Policies, and the Wealth of Future Generations

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  • Lord, William
  • Rangazas, Peter

Abstract

Available evidence suggests that the generations of most families are linked by altruistic human capital investment, rather than by altruistic financial transfers. What is the consequence of this distinction for the Ricardian Equivalence Theorem? The authors use a realistically calibrated overlapping generations model to show that, despite the presence of altruistic human capital transfers, deficit policies are likely to reduce the after-tax wealth of future generations. Furthermore, the majority of households in the current-period population would vote in favor of a deficit-financed tax cut. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Lord, William & Rangazas, Peter, 1993. "Altruism, Deficit Policies, and the Wealth of Future Generations," Economic Inquiry, Western Economic Association International, vol. 31(4), pages 609-630, October.
  • Handle: RePEc:oup:ecinqu:v:31:y:1993:i:4:p:609-30
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    Cited by:

    1. Raymond G. Batina, 1995. "On The Consumption Tax And The Tax Treatment Of Bequests In Different Models Of Bequeathing Behaviour," The Japanese Economic Review, Japanese Economic Association, vol. 46(4), pages 398-412, December.
    2. Matthias Cinyabuguma & Bill Lord & Christelle Viauroux, 2012. "Revolution in U.S. Fertility, Schooling and Women's Work, 1875-1940: Assessing Proposed Explanations," UMBC Economics Department Working Papers 12-04, UMBC Department of Economics, revised 30 Aug 2013.
    3. Yang, Bijou & Lester, David, 1995. "New directions for economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 24(3), pages 433-446.
    4. Matthias Cinyabuguma & Bill Lord & Christelle Viauroux, 2009. "Schooling, Fertility, and Married Female Labor Supply: What Role for Health?," UMBC Economics Department Working Papers 09-108, UMBC Department of Economics.
    5. Osborne, Theresa, 2006. "Credit and risk in rural developing economies," Journal of Economic Dynamics and Control, Elsevier, vol. 30(4), pages 541-568, April.

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