Dalgaard, Carl-Johan; Jensen, Martin Kaae - In: Journal of Economic Dynamics and Control 33 (2009) 9, pp. 1639-1647
The present paper shows that the savings motive critically affects the size and sign of scale effects in standard endogenous growth models. If the bequest motive dominates, the scale effect is positive. If the life-cycle motive dominates, the scale effect is ambiguous and may even be negative.
