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Savings (2) Perfect Altruism
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Savings (2) Perfect Altruism
story—the starting level of consumption for each individual (equation 13.12) and the amount which each individual must leave to his children (or will receive from his children) (equation 13.10). If the parents refuse to die (G is great) that will no doubt burden the population of working age, keep their consumption low, and make (13.21) Now we have seen in Chapter VIII that the highest possible level of consumption at each point of time in a state of steady growth is obtained if S = If S > then total national consumption is held permanently below the level which it could at any one time have attained with a lower value of S. This will be so if σ > Thus altruism by leading to parents saving to leave proper to their children could possibly raise S above the critical level, If S = U,
Edition 1st Edition
First Published 1968
Imprint Routledge
Pages 5
eBook ISBN 9780203106594