Forward and Backward Intergenerational Goods: Why Is Social Security Good for the Environment?

@article{Rangel2003ForwardAB,
  title={Forward and Backward Intergenerational Goods: Why Is Social Security Good for the Environment?},
  author={Antonio Rangel},
  journal={The American Economic Review},
  year={2003},
  volume={93},
  pages={813-834}
}
This paper studies the ability of nonmarket institutions to invest optimally in forward intergenerational goods (FIGs), such as education and the environment, when agents are selfish or exhibit paternalistic altruism. We show that backward intergenerational goods (BIGs), such as social security, play a crucial role in sustaining investment in FIGs: without them investment is inefficiently low, but with them optimal investment is possible. We also show that making the provision of BIGs mandatory… Expand

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