Overlapping Generations

Methods, Models and Morphology

By: Stephen E. Spear, Warren Young

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Hardcover | 4 September 2023

At a Glance

Hardcover
264 Pages

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16.1 x 23.8 x 2.2

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The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn't become the central workhorse model for macroeconomics. Introduced in 1958 by Paul Samuelson, the model postulates an infinite number of finite-lived families. This is in stark contrast to the more dominant neoclassical growth model, which is based on the assumption that real economies are populated by a finite number of dynastic families. Despite the greater realism of the former model and the inherent implausibility of the assumptions underlying the growth model, the growth model has become dominant. The authors here explore the co-evolution of the two models to shed light on why this happened, spanning the entire post-WWII era.

Industry Reviews

This book is a real tour de force in clarity and tremendous scope. It should be on the reading list for all advanced economics graduate students.

-- Jess Benhabib, Paulette Goddard Professor of Political Economy in the Faculty of Arts and Science at New York University

This book is a monumental work, an important contribution to economics

-- Karl Shell, Robert Julius Thorne Professor of Economics Emeritus, Cornell University. Founding Editor, Journal of Economic Theory

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