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Optimal accumulation in an endogenous growth setting with human capital

Author

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  • DOCQUIER, Frédéric
  • PADDISON, Oliver
  • PESTIEAU, Pierre

Abstract

This paper considers a three-overlapping-generations model of endogeneous growth wherein human capital is the engine of growth. It first contrasts the ‘laissez-faire’ and the optimal solutions. Three possible accumulation regimes are distinguished. Then it discusses a standard set of tax-transfer instruments that allow for decentralization of the social optimum. Within the limits of our model, the rationale for the standard pattern of intergenerational transfers (the working-aged financing the education of the young and the pension of the old) is seriously questioned. On pure efficiency grounds, the case for generous public pensions is rather weak.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • DOCQUIER, Frédéric & PADDISON, Oliver & PESTIEAU, Pierre, 2009. "Optimal accumulation in an endogenous growth setting with human capital," LIDAM Reprints CORE 2021, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:2021
    DOI: 10.1016/j.jet.2006.03.008
    Note: In : Journal of Economic Theory, 1-18, 2008
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    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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