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- W1563341781 abstract "We consider a neoclassical growth model in which the society consists of two classes (capitalists and workers). The capitalists consume part of their income and save the rest, whereas the workers are assumed to consume their entire income immediately without saving anything. The governement can redistribute income between the two classes by lump-sum transfers and taxation. We first state the result due to Kaital and Pohjola (1990), which characterizes the set of all first best solutions. We then show that the differential game between the capitalistic class and the government has a Markov-perfect Nash equilibrium which coincides with one of the first best solutions. This equilibrium features a long-run transfer of all wage income from the workers to the capitalists. On analyse un modele neoclassique ou la population se compose de deux classes (les capitalistes et les ouvriers). Les capitalistes consomment une portion de leur revenu et eprgnent le reste. Les ouvriers consomment tout leur revenu et n'epargnent rien. Le gouvernement peut redistribuer le revenu entre les deux classes au moyen des taxes et des transferts forfaitaires. D'abord on formule un resultat de Kaitala et Pohjola (1990) qui caracterise l'ensemble des solutions optimales de premier rang. Ensuite on demontre que dans le jeu differentiel entre la classe capitaliste et le gouvernement, il existe un equilibre Markov-parfait de Nash qui coincide avec une solution optimale de premier rang. Cet equilibre implique des transferts a long terme du revenu de la classe ouvriere a la classe capitaliste." @default.
- W1563341781 created "2016-06-24" @default.
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- W1563341781 date "1996-10-01" @default.
- W1563341781 modified "2023-10-02" @default.
- W1563341781 title "Efficient Income Redistribution in a Growing Economy" @default.
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