Phelps / Shell Studies in Macroeconomic Theory

Redistribution and Growth
1. Auflage 2014
ISBN: 978-1-4832-7103-3
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 342 Seiten, Web PDF

Studies in Macroeconomic Theory, Volume 2: Redistribution and Growth is a compendium of scholarly papers on the behavior and public control of distribution and growth in the market economy. The papers in this volume focus on the subject of public finance under the broad theory of economic policy. The papers are grouped into five groups or sections. Part I covers the steady-state choices. The second part takes up the efficient use of a given volume of saving in the choice among national investments. Part III explores the alternative approaches to optimal national saving. Part IV discusses the maximin-optimal graduated taxation of wage income. The final section expounds on Rawls's vision of the just economy. Economists will find the text invaluable and insightful.

Autoren/Hrsg.

Phelps, Edmund S.

Shell, Karl

Inhaltsverzeichnis

1;Front Cover;1
2;Redistribution and Growth;4
3;Copyright Page;5
4;Table of Contents;8
5;Dedication;6
6;PREFACE;12
7;INTRODUCTION: TAXATION, REDISTRIBUTION, AND GROWTH;14
7.1;Acknowledgments;28
7.2;References;28
8;Part I: STEADY-STATE CHOICES;30
8.1;INTRODUCTION;32
8.2;CHAPTER 1. THE GOLDEN RULE OF ACCUMULATION: A FABLE FOR GROWTHMEN;36
8.2.1;REFERENCES;41
8.3;CHAPTER 2. PUBLIC DEBT, TAXATION, AND CAPITAL INTENSIVENESS;42
8.3.1;1. GOVERNMENT DEBT, SUSTAINABLE OUTPUT, AND CONSUMPTION;43
8.3.2;2. DYNAMIC ANALYSIS;52
8.3.3;REFERENCES;58
8.4;CHAPTER 3. LINEAR TAXATION OF WEALTH AND WAGES FOR INTRAGENERATIONAL LIFETIME JUSTICE: SOME STEADY-STATE CASES;60
8.4.1;I. The Model;62
8.4.2;II. The Analysis;65
8.4.3;III. Concluding Remarks;72
8.4.4;REFERENCES;73
9;Part II: EFFICIENT GROWTH: THE USES OF SAVING;74
9.1;INTRODUCTION;76
9.2;CHAPTER 4. THE NEW VIEW OF INVESTMENT;80
9.2.1;THE BASIS OF INVESTMENT PESSIMISM;81
9.2.2;THE NEW VIEW;83
9.2.3;A SIMPLE MODEL OF GROWTH;85
9.2.4;INVESTMENT AND PRODUCTIVITY IN THE LONG RUN;87
9.2.5;INVESTMENT AND PRODUCTIVITY IN THE SHORT RUN;92
9.2.6;THE RATE OF RETURN ON CURRENT INVESTMENT;95
9.2.7;SUMMARY;99
9.3;CHAPTER 5. SUBSTITUTION, FIXED PROPORTIONS, GROWTH AND DISTRIBUTION;100
9.3.1;1. THE SETTING;102
9.3.2;2. THE LABOR INTENSITY OF NEW MACHINERY;104
9.3.3;3. EQUILIBRIUM AGGREGATE OUTPUT AND EMPLOYMENT;108
9.3.4;4. EXPONENTIAL GROWTH;110
9.3.5;5. PRODUCTIVITY AND THRIFT;117
9.3.6;6. CONCLUDING REMARKS;119
9.3.7;APPENDIX A;120
9.3.8;APPENDIX B;121
9.3.9;APPENDIX C;122
9.3.10;APPENDIX D;123
9.4;CHAPTER 6. INDUCED INVENTION, GROWTH AND DISTRIBUTION;124
9.4.1;I. BASIC CONCEPTS AND RELATIONS;126
9.4.2;II. THE INDUCED INVENTION HYPOTHESIS;129
9.4.3;III. THE BEHAVIOUR OF FACTOR SHARES;132
9.4.4;IV. CONCLUDING REMARKS;138
9.4.5;APPENDIX I;140
9.4.6;APPENDIX II;141
9.5;CHAPTER 7. ON THE INCREASE OF TECHNOLOGY;142
9.6;CHAPTER 8. INVESTMENT IN HUMANS, TECHNOLOGICAL DIFFUSION, AND ECONOMIC GROWTH;146
9.6.1;I. Introduction;146
9.6.2;II. The Hypothesis;147
9.6.3;III. Two Models of Technological Difusion;148
9.6.4;IV. Concluding Remarks;152
9.7;CHAPTER 9. POPULATION INCREASE;154
9.7.1;I / Consumption per head and lifetime family utility;155
9.7.2;II / Cherchez les externalités;164
9.7.3;III / Other policy aspects;169
9.7.4;Appendix I;171
9.7.5;Appendix II;172
10;Part III: OPTIMAL NATIONAL SAVING: ALTERNATIVE APPROACHES;176
10.1;INTRODUCTION;178
10.2;CHAPTER 10. THE ACCUMULATION OF RISKY CAPITAL: A SEQUENTIAL UTILITY ANALYSIS;182
10.2.1;1. THE BEHAVIOR OF CAPITAL;183
10.2.2;2. THE UTILITY FUCTION;184
10.2.3;3. DERIVATION OF THE FUNCTIONAL EQUATIONS;185
10.2.4;4. PROPERTIES OF THE OPTIMAL CONSUMPTION POLICY;186
10.2.5;5. CONDITIONS FOR EXPECTED ACCUMULATION;188
10.2.6;6. IMPLICATIONS OF SELECTED MONOMIAL UTILITY FUNCTIONS;189
10.2.7;REFERENCES;196
10.3;CHAPTER 11. FISCAL NEUTRALISM AND ACTIVISM TOWARD ECONOMIC GROWTH;198
10.3.1;CLASSICAL "NEUTRALITY" TWICE SPURNED;199
10.3.2;A MODERN CONCEPT OF FISCAL NEUTRALITY;202
10.3.3;THE TROUBLE WITH FISCAL NEUTRALITY;204
10.3.4;THE TRIALS OF ACTIVISM;210
10.4;CHAPTER 12. SECOND-BEST NATIONAL SAVING AND GAME-EQUILIBRIUM GROWTH;214
10.4.1;I. PREFERENCES AND CONSUMPTION POSSIBILITIES;215
10.4.2;II. THE FIRST-BEST OPTIMUM;217
10.4.3;III. THE SECOND-BEST OPTIMUM FOR ARBITRARY s;218
10.4.4;IV. " EQUILIBRIUM " SAVING IN THE COURNOT-NASH SENSE;222
10.4.5;V. CONCLUDING REMARKS;226
10.4.6;REFERENCES;227
10.5;CHAPTER 13. THE INDETERMINACY OF GAME-EQUILIBRIUM GROWTH;230
10.5.1;I. BOUNDED SUSTAINABLE CONSUMPTION PER CAPITA AND UNBOUNDED RATE OF UTILITY;231
10.5.2;II. UNBOUNDED SUSTAINABLE CONSUMPTION PER CAPITA AND BOUNDED RATE OF UTILITY;240
10.5.3;III. CONCLUSIONS;244
10.5.4;Appendix;246
10.6;CHAPTER 14. RAWLSIAN GROWTH: DYNAMIC PROGRAMMING OF CAPITAL AND WEALTH FOR INTERGENERATION 'MAXIMIN' JUSTICE;250
10.6.1;1. FORMULATION AS A DYNAMIC PROGRAMMING PROBLEM;251
10.6.2;2. CHARACTERIZATION OF THE OPTIMAL PATH;256
10.6.3;3. COMPETITIVE MARKETS AND PUBLIC PLANNING;259
10.6.4;4. INTERGENERATION TIES OF SENTIMENT;261
10.6.5;5. CONCLUDING REMARKS;263
10.6.6;APPENDIX: CONTINUITY OF THE SUPREMUM;264
10.6.7;NOTES;265
10.6.8;REFERENCES;266
11;Part IV: OPTIMAL REDISTRIBUTION AND GROWTH;268
11.1;INTRODUCTION;270
11.2;CHAPTER 15. TAXATION OF WAGE INCOME FOR ECONOMIC JUSTICE;274
11.2.1;I. "MAXIMIN" JUSTICE;275
11.2.2;II. JUST TAXATION IN TWO EARNINGS MODELS;280
11.2.3;III. CONCLUDING REMARKS;293
11.2.4;APPENDIX;294
11.3;CHAPTER 16. LINEAR 'MAXIMIN' TAXATION OF WAGE AND PROPERTY INCOME ON A 'MAXIMIN' GROWTH PATH;298
11.3.1;1. Conditions for "Maximin" Taxation on a "Maximin" Path;299
11.3.2;2. Properties of the "Maximin" Tax Rates;305
11.3.3;3. Unsolved Problems;308
11.3.4;4. Possible Policy Ramifications;310
11.3.5;5. Appendix;311
11.3.6;6. References;312
11.4;CHAPTER 17. THE CONCEPT OF OPTIMAL TAXATION IN THE OVERLAPPING-GENERATIONS MODEL OF CAPITAL AND WEALTH;314
11.4.1;1. Introduction;314
11.4.2;2. The overlapping-generations model;317
11.4.3;3. Optimal taxation: Bergson-Samuelson;320
11.4.4;4. Optimal taxation: 'maximin';324
11.4.5;5. Two implications for taxation of interest and wealth;328
11.4.6;6. Piecemeal reform and 'second best';332
11.4.7;References;338
12;Part V: NOTIONS OF JUSTICE IN PUBLIC FINANCE;340
12.1;INTRODUCTION;342
12.2;CHAPTER 18. RECENT DEVELOPMENTS IN WELFARE ECONOMICS: JUSTICE ET ÉQUITÉ;344
12.2.1;1. New and resuscitated conceptions of social welfare;344
12.2.2;2. Consequences in policy models: Public finance;361
12.2.3;3. Conclusions;368
12.2.4;References;368