Topic
Golden Rule (fiscal policy)
About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.
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TL;DR: It is argued that both versions of the golden rule argument against abortion should be rejected: each rests on a version of theGolden rule which is objectionable on independent grounds, each is unable to support its conclusion when the rule is satisfactorily modified, and each is able to avoid the implication that contraception is as wrong as abortion and for the same reason.
Abstract: R. M. Hare and Harry J. Gensler have each argued that abortion can be shown to be immoral by appealing to a version of the golden rule. I argue that both versions of the golden rule argument against abortion should be rejected: each rests on a version of the golden rule which is objectionable on independent grounds, each is unable to support its conclusion when the rule is satisfactorily modified, and each is unable to avoid the implication that contraception is as wrong as abortion and for the same reason. In addition, some further problems particular to each position are identified.
8 citations
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TL;DR: In this paper, the authors examined optimal taxes in an overlapping generations economy in which each consumer's utility depends on consumption relative to a weighted average of consumption by others (the benchmark level of consumption) as well as on the level of the consumer's own consumption.
Abstract: I examine optimal taxes in an overlapping generations economy in which each consumer's utility depends on consumption relative to a weighted average of consumption by others (the benchmark level of consumption) as well as on the level of the consumer's own consumption. The socially optimal balanced growth path is characterized by the Modified Golden Rule and by a condition on the intergenerational allocation of consumption in each period. A competitive economy can be induced to attain the social optimum by a lump-sum pay-as-you-go social security system and a tax on capital income.
8 citations
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TL;DR: In this paper, the authors study the optimal fiscal policy in an economy where heterogeneous agents with uncertain lifetimes coexist and show that some plausible social welfare functions lead to time-inconsistent optimal plans, and suggest restrictions on social preferences that avoid the problem.
Abstract: This paper studies optimal fiscal policy in an economy where heterogeneous agents with uncertain lifetimes coexist. We show that some plausible social welfare functions lead to time-inconsistent optimal plans, and we suggest restrictions on social preferences that avoid the problem. The normative prescriptions of a time-consistent utilitarian planner generalize the 'two-part Golden Rule" suggested by Samuelson, and imply aggregate dynamics similar to those arisingin the Cass-Koopmans-Ramsey optimal growth framework. We characterize lump-sum transfer schemes that allow the optimal allocation to be decentralized as the competitive equilibrium of an economy with actuarially fair annuities. The lump-sum transfers that accomplish this decentralization are age dependent in general.
8 citations
Posted Content•
8 citations
TL;DR: In this article, the authors demonstrate, using the power of counter examples, two cases where the recommended conservative rule fails in forecasting, and demonstrate that for a specific causal regression model, it leads to unnecessary inaccuracy.
8 citations