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Overlapping-Generations Model of Economic Growth

In: Economic Growth and Development

Author

Listed:
  • Sibabrata Das

    (International Monetary Fund)

  • Alex Mourmouras

    (International Monetary Fund)

  • Peter Rangazas

    (Indiana University-Purdue University)

Abstract

This chapter introduces the one-sector neoclassical growth model with overlapping generations. The primary focus of the chapter is growth via private physical capital accumulation. We think of private physical capital as manmade durable inputs to the production process. For our purposes, private capital can be primarily thought of as plant and equipment that is produced in one period and then used in production in the following period. To model production, we introduce firms, economic institutions that combine physical capital and labor to produce goods and services. Later in the chapter, we introduce human capital, the knowledge and skills embodied in workers. Chapter 3 adds public capital, the economy’s infrastructure created by the government, such as roads, laws, and utilities.

Suggested Citation

  • Sibabrata Das & Alex Mourmouras & Peter Rangazas, 2018. "Overlapping-Generations Model of Economic Growth," Springer Texts in Business and Economics, in: Economic Growth and Development, edition 2, chapter 2, pages 15-57, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-89755-4_2
    DOI: 10.1007/978-3-319-89755-4_2
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