In the 1950s, Modigliani proposed a theory of spending in which people make intelligent choices about their spending at each age limited by the resources available over their lives. By using assets and debts, working people can provide for their retirement and tailor their spending to their...

In the 1950s, Modigliani proposed a theory of spending in which people make intelligent choices about their spending at each age limited by the resources available over their lives. By using assets and debts, working people can provide for their retirement and tailor their spending to their...

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In this paper we try to assess whether social policy represents an incentive or a disincentive to economic growth. In general, one may say that social policies, or the Welfare State, entail an increasing degree of redistribution from higher income earners or wealth holders to the lowest deciles...

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In this paper, the author assesses the significance and relevance of Miyazaki's and Samuelson's papers concerning the validity of the results of a previous paper of the author's that appeared in the same Review in 1975. In particular, the author confirms the validity of the two solutions...

This volume provides the micro-foundations of a macroeconomic theory of income distribution and of the accumulation and distribution of wealth. Baranzini surveys current literature on the subject, before going on to make his own contribution by presenting a new model. He examines the laws which...

In the early 50s Franco Modigliani and Richard Brumberg and Albert Ando, ??formulated the life-cycle theory of consumption and saving, which has been a huge success and undisputed for at least three decades. However, since the early 80s the life-cycle theory has been criticized in an...