Yew, Siew Ling; Zhang, Jie - In: Journal of Public Economics 93 (2009) 3-4, pp. 605-619
In this paper we investigate the optimal scale of pay-as-you-go social security in a dynastic family model with human capital externalities, fertility and endogenous growth. Human capital externalities reduce the return to human capital investment and hence lead to under-investment in human...