The political economy of environmental and social security policies: the role of environmental lobbying |
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Authors: | Tetsuo Ono |
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Institution: | (1) Graduate School of Economics, Osaka University, 1–7, Machikaneyama, Toyonaka, Osaka 560-0043, Japan |
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Abstract: | Social security provides retirement benefits to the old at the expense of the working young, while environmental investment
benefits the future of the young at the expense of the old. This paper presents a model incorporating this intergenerational
conflict on public spending and considers the political determination of environmental investment and social security by focusing
on the Markovian political equilibria. It is shown that (1) the political equilibria are generally inefficient, and (2) the
introduction of environmental lobbying into politics may improve environmental quality but degrade lifetime utility in the
long run.
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Keywords: | Political economy Environmental lobbying Environmental investment Markovian political equilibrium Overlapping generations Social security |
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