Overlapping-Generations Model of Economic Growth

Sibabrata Das, Alex Mourmouras and Peter Rangazas
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Sibabrata Das: International Monetary Fund
Alex Mourmouras: International Monetary Fund

Chapter 2 in Economic Growth and Development, 2018, pp 15-57 from Springer

Abstract: Abstract This chapter introduces the one-sector neoclassical growth model with overlapping generations. The primary focus of the chapter is growth via private physical capital accumulation. We think of private physical capital as manmade durable inputs to the production process. For our purposes, private capital can be primarily thought of as plant and equipment that is produced in one period and then used in production in the following period. To model production, we introduce firms, economic institutions that combine physical capital and labor to produce goods and services. Later in the chapter, we introduce human capital, the knowledge and skills embodied in workers. Chapter 3 adds public capital, the economy’s infrastructure created by the government, such as roads, laws, and utilities.

Keywords: Physical Capital; Utility functionUtility Function; Human Capital Production Function; Lifetime Budget Constraint; Capital-labor Ratio (search for similar items in EconPapers)
Date: 2018
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Chapter: Overlapping-Generations Model of Economic Growth (2021)
Chapter: Overlapping-Generations Model of Economic Growth (2018)
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DOI: 10.1007/978-3-319-89755-4_2

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