Programme > Papiers par auteur > Del Campo Stellio

Who pays for growth? Distributional considerations in a Ramsey model
Stellio Del Campo  1, 2@  
1 : Université Paris Nanterre  (UPN)  -  Site web
Université Paris Nanterre, Université Paris Nanterre
200 avenue de la République92001 Nanterre cedex -  France
2 : Economie Publique  (ECO-PUB)
Institut National de la Recherche Agronomique : UMR0210, AgroParisTech
F-78850 Thiverval-Grignon -  France

I study a simple two-sector Ramsey model of capital accumulation or renewable resources exploitation. In the Ramsey spirit, no discount factor is put on future welfares. Growth implies saving, which I interpret as a sacrifice of the current generation at the benefit of future generations. But if two dynasties have access to unequally productive assets, such a sacrifice is not evenly shared among individuals in a given generation. With constant elasticity of substitution specification, I show that the relative sacrifice depends upon two fundamentals elements: the marginal productivity gap and the inequality aversion. In particular, individual consumptions evolve at the same rate only in a case of equal marginal productivity or with an infinite inequality aversion. This result is robust to an unequal inter and intra-dynastic treatment. Finally, links with green accounting are made.

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