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Optimal Accumulation in an Endogenous Growth Setting with Human Capital

Frédéric Docquier (), Oliver Paddison () and Pierre Pestieau ()
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Oliver Paddison: ECLAC, Santiago de Chile

No 2081, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: This paper considers a three-overlapping-generations model of endogenous 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-hrm and nep-pbe
Date: 2006-04
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Published in: Journal of Economic Theory, 2006, 134 (1), 361-378

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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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