A Theory of Economic Growth

Dynamics and Policy in Overlapping Generations
Erscheinungsjahr 2010
ISBN: 978-0-521-00115-1
Verlag: Cambridge University Press

Buch, Englisch, 396 Seiten, Format (B × H): 152 mm x 229 mm, Gewicht: 644 g

Provides an in-depth treatment of the overlapping generations model in economics incorporating production. Chapter 1 investigates competitive equilibria and corresponding dynamics: existence and uniqueness of equilibrium, global dynamics of capital (including poverty traps), and various extensions of the model. Chapter 2 analyzes the optimality of allocations in this framework, using both the value function and marginal approaches. Optimality with unbounded growth is also analyzed. Policy issues including the Second Welfare Theorem, pensions, government spending, and optimal taxation, are discussed in chapter 3. The notion of public debt is introduced in chapter 4 and the sustainability of policies with budget deficits/surpluses is examined. The last chapter presents extensions of the model including altruism, education/human capital, and habit formation. Methodological emphasis is put on using general preferences and technologies, on the global study of dynamic aspects of the model, and on furnishing adequate tools to analyze policies involving inter-generational transfers.

Autoren/Hrsg.

de la Croix, David

Michel, Philippe

Fachgebiete

• Interdisziplinäres Wissenschaften Wissenschaften Interdisziplinär Entwicklungsstudien
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
• Sozialwissenschaften Politikwissenschaft Internationale Beziehungen Entwicklungspolitik, Nord-Süd Beziehungen
• Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik
• Sozialwissenschaften Politikwissenschaft Regierungspolitik Kultur-, Wissenschafts- & Technologiepolitik
• Sozialwissenschaften Politikwissenschaft Politikwissenschaft Allgemein Politische Theorie, Politische Philosophie
• Geisteswissenschaften Philosophie Sozialphilosophie, Politische Philosophie
• Wirtschaftswissenschaften Volkswirtschaftslehre Industrie- und Technologiepolitik

Inhaltsverzeichnis

Introduction; Acknowledgements; Part I. Competitive Equilibria: 1. The model; 2. Main assumptions; 3. The behavior of the agents at period t; 4. The temporary equilibrium; 5. The inter-temporal equilibrium with perfect foresight; 6. Capital dynamics at a rational inter-temporal equilibrium; 7. Comparison of myopic and perfect foresight; 8. Applications and extensions; 9. Conclusion; Part II. Optimality: 10. Optimality of stationary paths; 11. Optimality of the dynamics; 12. The planning problem; 13. Marginal analysis of optimal solutions; 14. Unbounded optimal growth; 15. Applications and extensions; 16. Conclusion; Part III. Policy: 17. Lump-sum transfers and the second welfare theorem; 18. Pensions; 19. Public spending; 20. Study of the second-best problem; 21. Applications and extensions; 22. Conclusion; Part IV. Debt: 23. Diamond's model with debt; 24. The inter-temporal budget constraint of the government; 25. Constant deficit policies; 26. Constant debt policies; 27. Applications and extensions; 28. Conclusion; Part V. Further Issues: 29. Dynastic altruism; 30. Human capital and education; 31. Inter-generational externalities; 32. Macro-economics and general equilibrium; Technical appendices; List of definitions; List of propositions; List of assumptions; Bibliography; Author index; Subject index.