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On Overlapping Generations Models with Productive Capital (Paperback, Softcover reprint of the original 1st ed. 1996)
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On Overlapping Generations Models with Productive Capital (Paperback, Softcover reprint of the original 1st ed. 1996)
Series: Lecture Notes in Economics and Mathematical Systems, 443
Expected to ship within 10 - 15 working days
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Total price: R1,437
Discovery Miles: 14 370
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This book was born out of a five-years research at
Sonderforschungsbe reich 303 by the Deutsche Forschungsgemeinschaft
(DFG) at Rheinische Friedrich-Wilhelms-Universitiit Bonn and was
approved as my doctoral thesis by the Rechts-und
Staatswissenschaftliche Fakultiit in December 1994. It was my
former colleague Wolfgang Peters who had drawn my atten tion to
overlapping-generations models and to problems of intergenerational
efficiency and distribution. The subtle connection between the
latter two has been fascinating me from the very beginning:
redistribution of the results of free trade can become necessary
from the point of view of efficiency, although no externalities
hamper the development of an economy. In spite of being a matured
part of economics, neoclassical growth theory had left many
questions unsolved, some of them even unrecognized by a large part
of our profession. I took up the challenge to contribute to the
investigation of some of these thorny problems. One of these issues
is the often quoted idea of the inter generational con tract.
Although intergenerational transfers can improve intertemporal effi
ciency, the design of pension schemes to achieve an improvement of
well-being of some generations without hurting that of any other,
is not an easy task in an economy with flexible prices. Quite
frequently, only interest rate and growth rate are taken into
account when deciding on whether a generation wins or looses."
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