Maurice Tutor

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Category > Management Posted 02 Feb 2018 My Price 5.00

Diamond economy

Social security in the Diamond model. Consider a Diamond economy where g is zero, production is Cobb–Douglas, and utility is logarithmic.

(a) Pay-as-you-go social security. Suppose the government taxes each young individual an amount T and uses the proceeds to pay benefits to old individuals; thus each old person receives (1 + n)T.

(i) How, if at all, does this change affect equation (2.60) giving kt +1 as a function of kt?

(ii) How, if at all, does this change affect the balanced-growth-path value of k?

(iii) If the economy is initially on a balanced growth path that is dynamically efficient, how does a marginal increase in T affect the welfare of current and future generations? What happens if the initial balanced growth path is dynamically inefficient?

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Feb 2018 11:02 PM My Price 5.00

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