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Samuelson's Contributions to Population Theory and Overlapping Generations in Economics

Author

Listed:
  • Lee, Ronald D.

    (University of California, Berkeley)

Abstract
Paul Samuelson made a series of important contributions to population theory for humans and other species, evolutionary theory, and the theory of age structured life cycles in economic equilibrium and growth. The work is highly abstract but much of it was intended to illuminate issues of compelling policy importance, such as declining fertility and population aging. While his work in population economics has been very influential, his work in population and evolution appears to have been largely overlooked, perhaps because he seldom published in demographic journals or went to population meetings. Here I discuss his many contributions in all these areas, but give particular attention to demographic aspects of his famous work on overlapping generation models, social security systems, and population growth.

Suggested Citation

  • Lee, Ronald D., 2019. "Samuelson's Contributions to Population Theory and Overlapping Generations in Economics," IZA Discussion Papers 12442, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp12442
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    References listed on IDEAS

    as
    1. Richard A. Easterlin, 1968. "Population, Labor Force, and Long Swings in Economic Growth: The American Experience," NBER Books, National Bureau of Economic Research, Inc, number east68-1.
    2. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February.
    3. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66(6), pages 467-467.
    4. Robert J. Willis, 1974. "Economic Theory of Fertility Behavior," NBER Chapters, in: Economics of the Family: Marriage, Children, and Human Capital, pages 25-80, National Bureau of Economic Research, Inc.
    5. Pollak, Robert A, 1990. "Two-Sex Demographic Models," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 399-420, April.
    6. Ronald Lee & Andrew Mason (ed.), 2011. "Population Aging and the Generational Economy," Books, Edward Elgar Publishing, number 13816.
    7. Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-538, October.
    8. Deardorff, Alan V, 1976. "The Optimum Growth Rate for Population: Comment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 510-515, June.
    9. Antoine Bommier & Ronald D. Lee, 2003. "Overlapping generations models with realistic demography," Journal of Population Economics, Springer;European Society for Population Economics, vol. 16(1), pages 135-160, February.
    10. Arthur, W Brian & McNicoll, Geoffrey, 1978. "Samuelson, Population and Intergenerational Transfers," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(1), pages 241-246, February.
    11. Gary S. Becker, 1960. "An Economic Analysis of Fertility," NBER Chapters, in: Demographic and Economic Change in Developed Countries, pages 209-240, National Bureau of Economic Research, Inc.
    12. Ronald Lee, 1974. "The formal dynamics of controlled populations and the echo, the boom and the bust," Demography, Springer;Population Association of America (PAA), vol. 11(4), pages 563-585, November.
    13. Samuelson, Paul A, 1975. "Optimum Social Security in a Life-Cycle Growth Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 539-544, October.
    14. Robert Pollak, 1986. "A reformulation of the two-sex problem," Demography, Springer;Population Association of America (PAA), vol. 23(2), pages 247-259, May.
    15. Samuelson, Paul A, 1976. "The Optimum Growth Rate for Population: Agreement and Evaluations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 516-525, June.
    16. Avinash Dixit, 2012. "Paul Samuelson's Legacy," Annual Review of Economics, Annual Reviews, vol. 4(1), pages 1-31, July.
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    Cited by:

    1. Dr. Lucas Marc Fuhrer & Nils Herger, 2021. "Real interest rates and demographic developments across generations: A panel-data analysis over two centuries," Working Papers 2021-07, Swiss National Bank.
    2. Lucas Fuhrer & Nils Herger, 2022. "Real interest rates and population growth across generations," Working Papers 22.04, Swiss National Bank, Study Center Gerzensee.

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    More about this item

    Keywords

    intergenerational transfers; population cycles; reproductive value; population growth rate; social security; overlapping generations; Samuelson; predator-prey; altruism;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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