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Optimal accumulation in an endogenous growth setting with human capital |
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| Authors: | Frédéric Docquier Oliver Paddison |
| Institution: | a FNRS, IRES, Department of Economics, Catholic University of Louvain, 3 Place Montesquieu, B-1348 Louvain-La-Neuve, Belgium b IZA, Germany c ECLAC, United Nations Commission for Latin America and the Caribbean, Economic Development Unit, 1 Chancery Lane, Port of Spain, Trinidad and Tobago d CREPP, University of Liège & CORE, Department of Economics, 7 Boulevard du Rectorat (B31), B-4000 Liège, Belgium e PSE, France f CEPR, UK |
| 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: | D90 H21 H52 |
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