The Optimum Growth Rate for Population in the Neoclassical Overlapping Generations Model PDF Download
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Author: Wolfgang Kuhle
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN: 9783631573525
Category : Population
Languages : en
Pages : 0
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Book Description
In the course of the last century, birth rates in the OECD have fallen significantly. This study is concerned with the long run factor price and welfare implications of this decline in birth rates. The relevant models, i.e. the pure consumption loan economy, the neoclassical one-sector growth model, variations of the neoclassical overlapping generations model, and the economic dependency approach are utilized to answer this question. The study features exact general conditions for the existence of an interior optimum growth rate for population in the neoclassical overlapping generations model and, hence, is closing a gap in the preceding literature. Subsequent empirical testing suggests that these conditions for the validity of the Serendipity Theorem are probably satisfied.
Author: Wolfgang Kuhle
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN: 9783631573525
Category : Population
Languages : en
Pages : 0
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Book Description
In the course of the last century, birth rates in the OECD have fallen significantly. This study is concerned with the long run factor price and welfare implications of this decline in birth rates. The relevant models, i.e. the pure consumption loan economy, the neoclassical one-sector growth model, variations of the neoclassical overlapping generations model, and the economic dependency approach are utilized to answer this question. The study features exact general conditions for the existence of an interior optimum growth rate for population in the neoclassical overlapping generations model and, hence, is closing a gap in the preceding literature. Subsequent empirical testing suggests that these conditions for the validity of the Serendipity Theorem are probably satisfied.
Author: Truman F. Bewley
Publisher: Harvard University Press
ISBN: 0674020928
Category : Business & Economics
Languages : en
Pages : 615
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Book Description
This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.
Author: Evert van Imhoff
Publisher: Springer Science & Business Media
ISBN: 3642838952
Category : Political Science
Languages : en
Pages : 229
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Book Description
This book studies optimal economic growth in a closed economy which experiences non-stable population growth. The economy is described by means of a neoclassical growth model which distinguishes overlapping generations within the population. The basic neoclassical growth model is extended to include various types of technical change, as well as investment in human capital or education. The research described in this book connects the analytical tools of traditional growth theory with the actual demographic experience of most industrialized countries. The role of demographic processes in the growth theoretical literature is discussed in the next section. The discussion will show that growth theory needs to extend its scope through the construction of growth models which explicitly recognize demographic forces as a potential source of non-stationarities. This book constitutes a first attempt at such a demographic extension. 1.1 Growth theory and demographic change The theory of economic growth (e.g. Solow, 1970; Burmeister & Dobell, 1970; Wan, 1971) attempts to describe and to explain the long-run development of an economic system (or, in short, economy). An economic system is essentially dynamic in nature. Among the most important sources of dynamics in economics are the following: accumulation of capital (investment); technical change; population growth. Some of these dynamic forces are, at least in part, endogenous to the economic system (i.e. determined by economic variables).
Author: Günther Lang
Publisher: Springer Science & Business Media
ISBN: 3642481523
Category : Business & Economics
Languages : en
Pages : 109
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Book Description
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.
Author: Neri Salvadori
Publisher: Edward Elgar Publishing
ISBN: 9781781008089
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
This book reconsiders and analyses the different approaches historically proposed in the literature on growth and distribution. The contributors have achieved, through a comprehensive and cohesive analysis of the approaches of different schools of thought, a wide-ranging interpretation of a variety of important economic phenomena. The book identifies elements characterising each approach and tries to derive from them a range of insights into the complexity of the growth process.
Author: Raouf Boucekkine
Publisher: Routledge
ISBN: 1136920935
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
This book covers a wide range of topics within mathematical modelling and the optimization of economic, demographic, technological and environmental phenomena. Each chapter is written by experts in their field and represents new advances in modelling theory and practice. These essays are exemplary of the fruitful interaction between theory and practice when exploring global and local changes. The unifying theme of the book is the use of mathematical models and optimization methods to describe age-structured populations in economy, demography, technological change, and the environment. Emphasis is placed on deterministic dynamic models that take age or size structures, delay effects, and non-standard decision variables into account. In addition, the contributions deal with the age structure of assets, resources, and populations under study. Interdisciplinary modelling has enormous potential for discovering new insights in global and regional development. Optimal Control of Age-structured Populations in Economy, Demography, and the Environment is a rich and excellent source of information on state-of-the-art modelling expertise and references. The book provides the necessary mathematical background for readers from different areas, such as applied sciences, management sciences and operations research, which helps guide the development of practical models. As well as this the book also surveys the current practice in applied modelling and looks at new research areas for a general mathematical audience. This book will be of interest primarily to researchers, postgraduate students, as well as a wider scientific community, including those focussing on the subjects of applied mathematics, environmental sciences, economics, demography, management, and operations research.
Author: Stephen E. Spear
Publisher: Emerald Group Publishing
ISBN: 1837530548
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn’t become the central workhorse model for macroeconomics, as opposed to the neoclassical growth model. The authors here explore the co-evolution of the two models.
Author: Mitoshi Yamaguchi
Publisher: World Scientific
ISBN: 9814571504
Category : Business & Economics
Languages : en
Pages : 355
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Book Description
This unique book contains novel and in-depth research regarding economic development in Japan. The authors examine economic development in Japan from both theoretical and empirical perspectives. Using general equilibrium growth accounting and the overlapping generations model, they analyze the relationships between population, agriculture and the economy. The research results are unprecedented and show the effects of increased adult longevity on national savings and the effects of demographic change on the industrial structure; the push-pull effects of technical change in agricultural and non-agricultural sectors and the positive effects of population on technical change and economic development.
Author: Duncan K. Foley
Publisher: Harvard University Press
ISBN: 0674986423
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation. Authors Duncan Foley, Thomas Michl, and Daniele Tavani present Classical and Keynesian approaches to growth theory, in parallel with Neoclassical ones, and introduce students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth. They cover corporate finance, the impact of government debt and social security systems, theories of endogenous technical change, and the implications of climate change. Without excessive formal complication, the models emphasize rigorous reasoning from basic economic principles and insights, and respond to students’ interest in the history and policy dilemmas of real-world economies. In addition to carefully worked out examples showing how to use the analytical techniques presented, Growth and Distribution presents many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are available. This second edition includes fresh data throughout and new chapters on climate change, corporate capitalism, models of wealth inequality, and technical change.
Author: Peter B. Dixon
Publisher: Newnes
ISBN: 0444536353
Category : Business & Economics
Languages : en
Pages : 1143
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Book Description
In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. - Presents coherent summaries of CGE theories that inform major model types - Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results - Shows how CGE modeling has made a contribution to economic policy
