期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2010
卷号：2010
期号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：In this paper we explore the consequences for optimality of a social planner adopting two
different welfare criteria. The framework of analysis is an OLG model with physical and human
capital. We first show that, when the SWF is a discounted sum of individual utilities defined over
consumption per unit of natural labour, the precise cardinalization of the individual utility
function becomes crucial for the characterization of the social optimum. Also, decentralizing the
social optimum requires an education subsidy. In contrast, when the SWF is a discounted sum of
individual utilities defined over consumption per unit of efficient labour, the precise
cardinalization of preferences becomes irrelevant. More strikingly, along the optimal growth path,
education should be taxed.
关键词：Keywords: endogenous growth, human capital, intergenerational transfers, education policy.
