| A Theory of Economic Growth: Dynamics and Policy in Overlapping Generations Contributor(s): de la Croix, David (Author), La Croix, David de (Author), Michel, Philippe (Author) |
|
 |
ISBN: 0521806429 ISBN-13: 9780521806428 Publisher: Cambridge University Press OUR PRICE: $133.00 Product Type: Hardcover - Other Formats Published: November 2002 Annotation: 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. |
| Additional Information |
| BISAC Categories: - Business & Economics | Economic History - Business & Economics | Economics - Macroeconomics - Business & Economics | Economics - Theory |
| Dewey: 339 |
| LCCN: 2002016579 |
| Physical Information: 1" H x 6" W x 9" (1.66 lbs) 400 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: Inter-generational transfers are at the center of economic policy debates today. Reducing public debt; financing social security; taxing capital and bequests; and designing the education system imply substantial inter-generational transfers. The tool that economists employ to analyze these issues is the overlapping generations model, which reflects the different periods of life. When the model includes capital accumulation, it also allows researchers to formalize the development of an economy, relating its growth path to the savings behavior of young agents. The aim of this book is an in-depth analysis of this model that includes its major policy implications. |