DYNAMIC EFFICIENCY IN A TWO-SECTOR OVERLAPPING GENERATIONS MODEL

Partha Sen
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Partha Sen: Delhi School of Economics

No 38, Working papers from Centre for Development Economics, Delhi School of Economics

Abstract: This paper looks at the conditions under which we may have welfare improving capital accumulation in two sector two-period overlapping generations’ models. It is found that both the usual conditions of the rate of interest exceeding the 'population growth rate and profits exceeding investment may give misleading answers. Finally there is also the possibility of asset bubbles even with dynamic efficiency.

Pages: 20 pages
Date: 1996-05
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