There is no consensus yet on the correct way to write the social utility function in the presence of paternalistic altruism. This note shows that the specification of the central planner objective is crucial for optimal capital accumulation and growth. When paternalistic altruism enters the...

In a simple OLG model, we introduce public services which work as a source of utility. Assuming constant returns to scale in the production, we show that public services promote the occurrence of local indeterminacy. In contrast to a lot of existing contributions which have exploited productive...

In a simple OLG model, we introduce public services which work as a source of utility. Assuming constant returns to scale in the production, we show that public services promote the occurrence of local indeterminacy. In contrast to a lot of existing contributions which have exploited productive...