TY  - RPRT
        AU  - Docquier, Frédéric
AU  - Paddison, Oliver
AU  - Pestieau, Pierre
        TI  - Optimal Accumulation in an Endogenous Growth Setting with Human Capital
        PY  - 2006/Apr/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 2081
        UR  - https://www.iza.org/index.php/publications/dp2081
        AB  - This paper considers a three-overlapping-generations model of endogenous growth wherein human capital is the engine of growth. It first contrasts the laissez-faire and the optimal solutions. Three possible accumulation regimes are distinguished. Then it discusses a standard set of tax-transfer instruments that allow for decentralization of the social optimum. Within the limits of our model, the rationale for the standard pattern of intergenerational transfers (the working-aged financing the education of the young and the pension of the old) is seriously questioned. On pure efficiency grounds, the case for generous public pensions is rather weak.
        KW  - endogenous growth
KW  - human capital
KW  - intergenerational transfers
        ER  -