Showing papers on "Golden Rule (fiscal policy) published in 1982"
TL;DR: The life cycle hypothesis has become the dominant mode used to analyze the effects of a social security system on private saving, the labor/leisure choice, and social welfare as mentioned in this paper.
Abstract: The life cycle hypothesis has become the dominant mode used to analyze the effects of a social security system on private saving, the labor/leisure choice, and social welfare. As both Barro and Samuelson indicate, a fully funded Social Security program (in a world of certainty) would drive out an equivalent amount of private saving. If the interest rate is r, the effects of a payment of a dollar into the social security pool while young would just offset* the effects of receiving (1+r) dollars as a transfer when retired. Papers by Diamond, Hi», and Samuelson, among others, have examined the effects of non-fully funded Social Security schemes in a growing economy. A non-fully funded program can be used to alter the private sector's saving rate and, hence, the capital/labor ratio. Social Security, then, can be used as a policy tool for achieving the (or some variant of the) golden rule growth path.
87 citations
TL;DR: In this paper, it is shown that in the steady state, the optimal savings ratio is greater than the golden rule savings ratio under full employment, and that the optimal proportion of total investment allocated to the urban sector is not necessarily higher than the optimal portion under full-employment.
26 citations
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TL;DR: In this article, a simple classroom experiment is described which helps explicate the relationship between selfishness and happiness, and the data (N = 1,988) prove paradoxical and provide striking empirical support for the Golden Rule.
Abstract: A simple classroom experiment is described which helps explicate the relationship between selfishness and happiness. The data (N = 1,988) prove paradoxical and provide striking empirical support for the Golden Rule.
10 citations
Posted Content•
8 citations
01 Jan 1982
TL;DR: A set of simple, interrelated propositions, based on premises widely accepted by bourgeois economists, are presented in this article. But they are based on a different set of assumptions than ours.
Abstract: A set of simple, interrelated propositions, based on premises widely accepted by bourgeois economists.
5 citations
Posted Content•
2 citations
TL;DR: In this paper, a structural representation using sequential signed relations was developed for the Golden Rule and similar sayings, and different signed relations with two points and two directed lines were interpreted to determine additional variations on the Golden rule.
Abstract: The Golden Rule and similar sayings are presented, and a structural representation using sequential signed relations is developed. The different signed relations with two points and two directed lines are interpreted to determine additional variations on the Golden Rule. Finally, a theory of structural balance is discussed.
2 citations