Welfare, Population Growth and Dynamic Inefficiency in an OLG Framework
Mulino, Daniel
10.4225/03/59360c714d3cf
https://bridges.monash.edu/articles/journal_contribution/Welfare_Population_Growth_and_Dynamic_Inefficiency_in_an_OLG_Framework/5080798
In a two-period OLG framework, there is only one rate of population growth at which the competitive equilbrium outcome Is also the golden rule outcome. I show that this is the welfare minimizing outcome for agents. Moreover, I show that as population growth increases beyond the welfare minimizing level, agents are better off even as the economy becomes more dynamically inefficient.
2017-06-06 01:59:10
monash:7035
1959.1/36471
2005