Horii, Ryo; Futagami, Koichi; Kitagawa, Akiomi - In: Economics Bulletin 15 (2004) 2, pp. 1-6
Using a simple overlapping generations model, this note shows that an improvement in the efficiency of human capital investment decreases the net income of the young household while increasing that of the old. Without compensating redistribution, it deteriorates lifetime utilities of all...
