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Title:Optimal accumulation in an endogenous growth setting with human capital PDF Logo
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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