A Theory of Economic Growth: Dynamics and Policy in Overlapping GenerationsThis book provides an in-depth treatment of the overlapping generations model in economics incorporating production. |
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Page i
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Page ix
... Public Spending 155 3.3.1 Public Spending in the Competitive Economy 155 3.3.2 Public Spending : Optimal Financing 158 3.3.3 Second - best Policies 159 3.4 Study of the Second - best Problem 3.4.1 Restating the Problem 3.4.2 Three ...
... Public Spending 155 3.3.1 Public Spending in the Competitive Economy 155 3.3.2 Public Spending : Optimal Financing 158 3.3.3 Second - best Policies 159 3.4 Study of the Second - best Problem 3.4.1 Restating the Problem 3.4.2 Three ...
Page 129
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Page 155
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Page 156
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Contents
VI | 1 |
VII | 2 |
VIII | 3 |
IX | 4 |
XI | 6 |
XII | 10 |
XIV | 11 |
XV | 12 |
XCII | 172 |
XCIII | 173 |
XCIV | 174 |
XCV | 175 |
XCVI | 178 |
XCVII | 179 |
XCVIII | 181 |
C | 182 |
XVI | 15 |
XVIII | 16 |
XIX | 19 |
XX | 20 |
XXI | 22 |
XXII | 27 |
XXIII | 29 |
XXIV | 34 |
XXV | 37 |
XXVI | 39 |
XXVII | 41 |
XXVIII | 42 |
XXIX | 43 |
XXX | 45 |
XXXII | 50 |
XXXIII | 51 |
XXXIV | 53 |
XXXV | 54 |
XXXVI | 56 |
XXXVII | 57 |
XXXVIII | 64 |
XXXIX | 66 |
XL | 70 |
XLI | 72 |
XLII | 73 |
XLIII | 74 |
XLIV | 77 |
XLV | 80 |
XLVI | 82 |
XLVIII | 86 |
XLIX | 90 |
L | 91 |
LI | 92 |
LII | 95 |
LIII | 99 |
LIV | 101 |
LV | 102 |
LVI | 106 |
LVIII | 108 |
LIX | 112 |
LXI | 114 |
LXII | 115 |
LXIII | 116 |
LXV | 117 |
LXVI | 118 |
LXVII | 120 |
LXVIII | 121 |
LXIX | 122 |
LXX | 124 |
LXXI | 127 |
LXXII | 129 |
LXXIII | 136 |
LXXIV | 138 |
LXXV | 139 |
LXXVI | 140 |
LXXVII | 141 |
LXXVIII | 143 |
LXXIX | 144 |
LXXX | 150 |
LXXXI | 152 |
LXXXII | 155 |
LXXXIV | 158 |
LXXXV | 159 |
LXXXVI | 161 |
LXXXVIII | 162 |
LXXXIX | 165 |
XC | 167 |
XCI | 171 |
CI | 183 |
CII | 184 |
CIII | 186 |
CIV | 190 |
CV | 192 |
CVI | 193 |
CVII | 195 |
CVIII | 198 |
CIX | 203 |
CX | 208 |
CXI | 211 |
CXII | 216 |
CXIV | 219 |
CXV | 223 |
CXVI | 226 |
CXVII | 230 |
CXIX | 233 |
CXX | 236 |
CXXI | 238 |
CXXII | 239 |
CXXIV | 246 |
CXXV | 248 |
CXXVI | 252 |
CXXVII | 256 |
CXXVIII | 257 |
CXXIX | 259 |
CXXX | 269 |
CXXXI | 274 |
CXXXII | 280 |
CXXXIII | 281 |
CXXXIV | 286 |
CXXXV | 289 |
CXXXVI | 290 |
CXXXVII | 291 |
CXXXVIII | 292 |
CXXXIX | 294 |
CXL | 295 |
CXLI | 297 |
CXLII | 300 |
CXLIII | 304 |
CXLIV | 305 |
CXLVI | 307 |
CXLVII | 308 |
CXLVIII | 309 |
CXLIX | 310 |
CL | 311 |
CLI | 312 |
CLII | 314 |
CLIV | 315 |
CLV | 316 |
CLVI | 320 |
CLVII | 322 |
CLVIII | 326 |
CLIX | 335 |
CLX | 338 |
CLXII | 340 |
CLXIII | 341 |
CLXIV | 343 |
CLXV | 344 |
CLXVI | 345 |
CLXVII | 347 |
CLXVIII | 349 |
CLXIX | 353 |
CLXX | 355 |
369 | |
373 | |
Common terms and phrases
a₁ agents allocation altruism analyze Arrow-Debreu assume assumption b₁ Bellman equation bequests budget constraint c₁ capital accumulation catching point characterized Cobb-Douglas constant consumption converges corner steady d₁+1 debt decreasing defined Definition di+1 distribution dynamics eigenvalues equation equilibrium with perfect example exists F(K₁ factor feasible trajectory Figure finite first-order given golden rule h₁ Hence holds human capital implies increasing infinite initial capital stock initial condition inter-temporal equilibrium k₁ K₁+1 labor life-cycle income limit logarithmic utility modified golden rule monotonic negative obtain optimal path over-accumulation overlapping generations model parameter pensions perfect foresight period planner positive steady problem production function proposition public spending R₁ R₁+1 S₁ saddle point savings sequence stable stock of capital temporary equilibrium transversality condition under-accumulation unique utility function value function variables verifies w₁ wage Welfare Theorem x₁ zero