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| Title: | | Optimal accumulation in an endogenous growth setting with human capital  |
| Authors: | | Docquier, Frédéric Paddison, Oliver Pestieau, Pierre |
| Issue Date: | | 2006 |
| Series/Report no.: | | IZA Discussion Papers 2081 |
| Abstract: | | This paper considers a three-overlapping-generations model of endogenous 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. |
| Subjects: | | endogenous growth human capital intergenerational transfers |
| JEL: | | D90 H21 H52 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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