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Erschienen in:
1996 | OriginalPaper | Buchkapitel
Anticipation and the Time-Consistency of Fiscal Policy
verfasst von : Dr. Günther Lang
Erschienen in: On Overlapping Generations Models with Productive Capital
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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This chapter is devoted to the analysis of fiscal policy with welfare functions which are usually not used by utilitarists for the planning of intergenerational allocations. Typical welfare functions which can be found in the literature stem from the pioneering work by Bentham and Sidgewick1, being formalized by Ramsey (1928) for the framework of a growth model in his famous article ‘A Mathematical Theory of Saving.’