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Optimal accumulation in an endogenous growth setting with human capital

Frédéric Docquier (), Paddison Oliver and Pierre Pestieau ()

No 2006022, Discussion Papers (ECON - Département des Sciences Economiques) from Université catholique de Louvain, Département des Sciences Economiques

Abstract: This paper considers a three-overlapping-generations model of endogeneous growth wherein human capital is the engine of growth. It first contrasts the ‘laissez-faire’ and the optimal solutions. Three possible accumulation regimes are distinguished. Then it discusses a standard set of tax-transfer instruments that allow for decentralization of the social optimum. Within the limits of our model, the rationale for the standard pattern of intergenerational transfers (the working-aged financing the education of the young and the pension of the old) is seriously questioned. On pure efficiency grounds, the case for generous public pensions is rather weak.

Keywords: Endogenous growth; human capital; intergenerational transfers (search for similar items in EconPapers)
JEL-codes: D90 H21 H52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-dge, nep-edu, nep-hrm and nep-pbe
Date: 2006-05-01
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Related works:
Working Paper: Optimal accumulation in an endogenous growth setting with human capital (2009) Downloads
Journal Article: Optimal accumulation in an endogenous growth setting with human capital (2007) Downloads
Working Paper: Optimal Accumulation in an Endogenous Growth Setting with Human Capital (2006) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvec:2006022

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