The question of optimal population size is investigated for three alternative social welfare functions: (1) the total utility of the present and future generations (Benthamite), (2) the average utility (Millian), and (3) the individual utility of a member

A positive productivity shock in the host country tends typically to increase the volume of the desired foreign direct investment (FDI) flows to the host country, through the standard marginal profitability effect. But, at the same time, such a shock may lower the likelihood of making any new...

Bequest constraints have played a major role in discussions of debt neutrality but their welfare implications were not sufficiently dealt with in the literature. In this paper we focus on the welfare implications of bequest constraints. We found that when institutional constraints to the...