This note explores endogenous rivalrous money supply by different generations of an overlapping generations economy. Money (gold) is intrinsically useless but is costly to create. The authors show how a government representing the young has an incentive to tax its constituency to mine gold to...

The Human Development Index (HDI) is widely used as a measure of wellbeing. We examine the allocations implied by the maximization of this index using a standard growth model. Maximization leads to consumption (excluding education and health expenditures) being pushed to minimal levels. It also...