We analyze the implications of communitarianism-the tendency of people to organize into separate culturally homogeneous groups-for individual and group inequality in human capital accumulation. We propose a non-cooperative social interactions model where each individual decides how much time to...

In this paper, we examine the consequences of imperfect information on the pattern of transfers from parents to children. Drawing on the theory of mechanism design, we consider a model of family contract with two levels of effort. We prove that equal transfers among children are expected under...

This paper examines economic challenges posed by the combination of an ageing and declining population in Hungary and develops policy-oriented recommendations for addressing them. The authors identify the scale and specific properties of the demographic problem in Hungary where the population...

In Finland, as in most OECD countries, the ageing of the population is one of the major long-term policy challenges. This paper first explores the scale of the demographic changes in Finland, the relevant institutions and their effect on the decision to retire. In light of the increase in the...

Norway, like most OECD countries, will experience a significant ageing of its population, although it will be less dramatic. Moreover, it starts from an enviable position: employment rates of older people are among the highest in the OECD, pension outlays are currently relatively low and...

Population ageing will reduce economic growth and increase the amount of resources that need to be transferred to the elderly, putting pressure on retirement-income- and healthcare insurance systems. The Netherlands is better placed than most OECD countries to meet these pressures because it has...

This paper provides new projections on the fiscal impact of age-related spending for OECD countries over the next half century. These results are based on national models using an agreed upon set of assumptions about macroeconomic and demographic developments for all countries. Recent reforms to...

The concept of time discounting introduces weights on future goods to make these less valu- able. Famously, both the specic functional form of time discounting and its normative sta- tus are contested. To address these problems, this paper provides a measurement-theoretic framework of...

One of the most cherished propositions in economics is that market competition by and large raises consumer welfare. But whether political competition has similarly virtuous consequences is far less discussed. This paper formulates a model to explain why political competition may enhance...

This paper considers the key problems confronting the Pakistan Planning Commission, briefly examines the essentials of planning for a mixed economy, draws lessons from the experience of countries, both developed and developing, that have formulated and implemented successful plans, and suggests...