This paper presents a non-Malthusian theory of long-term development We model the interplay between the process of human capital formation, technological progress, and the biological constraint of finite lifetime expectancy. All these processes are interdependent and determined endogenously. The...

We analyze the consumption and wealth inequality in an OLG model with mandatory pension systems. Our framework features within cohort heterogeneity of endowments and heterogeneity of preferences. We allow for population aging and gradual decline in TFP growth. We show four main results. First,...

We present an OLG model in which life expectancy and environmental quality dynamics are jointly determined. Agents may invest in environmental care, depending on how much they expect to live. In turn, environmental conditions affect life expectancy. As a result, our model produces a positive...