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concept of "sustainability". We relate such a definition of sustainability to well known concepts from neoclassical economics …-temporal realm, we find that dynamic efficiency is a necessary but not sufficient condition for a notion of sustainability that has … normative standing as a goal for public policy. We define sustainability as dynamic efficiency plus intergenerational equity …
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Poor families have more children and transfer less resources to them. This suggests that family decisions about fertility and transfers dampen intergenerational mobility. To evaluate the quantitative importance of this mechanism, we extend the standard heterogeneous agent life cycle model with...
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