We develop a general equilibrium overlapping generations model which is based on the view that education makes workers more productive by increasing their ability to learn from work experience, rather than providing skills that directly increase productivity. One important implication of the...

This new approach incorporates on the demand side the problem of effective demand and unemployment, while rejecting on the supply side the oversimplistic use of a production function, with or without capital-labour substitution. The focus on the adoption and diffusion of labour productivity...

This book studies the normative and positive ramifications of public pension policies in a growing economy. It analyzes the impact of an unfunded public pension scheme on aggregate productivity growth and efficiency, it considers the political forces behind public pension legislation, and it...