Birth, Death, and Dynamic Inefficiency in an Endogenous Growth Model
James Kahn (),
Jong-Soo Lim and
International Economic Journal, 1997, vol. 11, issue 3, 85-102
This paper builds a finite horizon endogenous growth model by incorporating Lucas' (1988) human capital model into an uncertain lifetime framework a la Buiter (1988). Our finite horizon model has different policy implication from infinite horizon models. For example, a non-positive link between capital income taxation and economic growth in infinite horizon models does not hold in our finite horizon model. Also, our finite horizon model shows that the short-run macro management policy which has only the level effect in infinite horizon models can affect the long-run economic growth. [O4]
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Persistent link: https://EconPapers.repec.org/RePEc:taf:intecj:v:11:y:1997:i:3:p:85-102
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