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Oxford Economic Papers 2001; 53:260-280
Copyright © 2001 Oxford Universty Press

Article

Pareto - improving intergenerational transfers

BU Wigger

Department of Economics, University of Mannheim, A5, D-68131 Mannheim, Germany
E=mail: wigger@econ.uni-mannheim.de

Abstract

In the presence of endogenous growth intergenerational transfer from the young to the old reduce per capita income growth and harm future generations. On the other hand, competitive equilibria are inefficient if externalities sustain long-run growth. This paper shows that if individuals retire in the last period of their life, the inefficiency of the market economy can be removed by an investment subsidy without making the current or future generations worse off only if coupled with intergenerational transfers from the young to the old.


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