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Optimal Growth and Transfers between Generations

Author

Listed:
  • Marc FLEURBAEY

    (THETIA, Université de Cergy, Pontoise)

  • Philippe MICHEL

    (LEQAM, Aix-en-Provence)

Abstract

Given the difficulties of utilitarian and egalitarian social welfare functions in the context of intergenerational equity, an analysis directly based on the potential transfers that can be made between generations is proposed. A consumption path may be rejected if some transfers with infinite returns can be made. It is shown that such potential transfers are unlikely in the short run in ordinary growth models, but that the returns to sacrifice are often unbounded when distant dates are considered, except in some particular cases. These concepts help select acceptable growth paths, and give some insight into the dilemmas of intergenerational justice.

Suggested Citation

  • Marc FLEURBAEY & Philippe MICHEL, 1994. "Optimal Growth and Transfers between Generations," Discussion Papers (REL - Recherches Economiques de Louvain) 1994031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1994031
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    File URL: http://www.jstor.org/stable/40724059
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    Cited by:

    1. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May.
    2. Geir B. Asheim & Wolfgang Buchholz, 2000. "The Malleability of Undiscounted Utilitarianism as a Criterion of Intergenerational Justice," CESifo Working Paper Series 392, CESifo.

    More about this item

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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