This paper presents a model in which a country's measured average propensity to save endogenously rises when its economy industrializes. The model has agricultural and manufacturing sectors. Only agriculture uses land. If at early dates income per capita is low, agricultural consumption is...

This paper analyzes the very long run, or "stationary state," impact of an unfunded social security system, using an overlapping generations mo del framework. A key feature is that while parents care about their c hildren and can leave non-negative bequests to them, children also ca re about...