%0 Report
        %A Docquier, Frédéric
%A Paddison, Oliver
%A Pestieau, Pierre
        %T Optimal Accumulation in an Endogenous Growth Setting with Human Capital
        %D 2006
        %8 2006 Apr
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 2081
        %U https://www.iza.org/publications/dp2081
        %X 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.
        %K endogenous growth
%K human capital
%K intergenerational transfers