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Line 52: *Labor and capital markets are perfectly competitive and the aggregate production technology is CRS, Y = F(K,L). In Diamond's version of the model, individuals tend to save more than is socially optimal, leading to dynamic inefficiency. Subsequent work has investigated whether dynamic inefficiency is a characteristic in some economies<ref name="Mankiw89">{{cite news\|author1=N. Gregory Mankiw\|author2=Lawrence H. Summers\|author3=Richard J. Zeckhauser\|title=Assessing Dynamic Efficiency: Theory and Evidence~~\|accessdate=13 May 2012~~\|date=1 May 1989\|journal =[[Review of Economic Studies]] \| volume = 56\| pages = 1–19 \| doi = 10.2307/2297746 \| issue = 1}}</ref> and whether government programs to transfer wealth from young to poor do reduce dynamic inefficiency{{Citation needed\|date=November 2014}}. ==See also==

Overlapping generations model: Difference between revisions