effects of tax policy or changes in the parameters of the economy. The relative role of life cycle savings increases with the … rate of growth and with the relative savings rate of life-cycle savers and capitalists. An increase in the savings rate of … workers has no effect on output per capita; life cycle savings simply crowds out inherited savings. A tax on capital (even if …

tap into the pool of both public and private long-term savings in order to channel the latter into much needed …

tap into the pool of both public and private long-term savings in order to channel the latter into much needed …