THE IMPACT OF INTERTEMPORAL JUSTICE ON ECONOMIC GROWTH WITH EMPHASIS ON TIME PREFERENCE IN THE IRANIAN ECONOMY

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BAKHSHI DASTJERDI RASUL

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Journal: JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH) Year:2011 | Volume:11 | Issue:1 Page(s): 19-41

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Title

THE IMPACT OF INTERTEMPORAL JUSTICE ON ECONOMIC GROWTH WITH EMPHASIS ON TIME PREFERENCE IN THE IRANIAN ECONOMY

Author(s)

BAKHSHI DASTJERDI RASUL | Issue Writer Certificate

Keywords

DISCOUNTING; ECONOMIC GROWTH; INTERTEMPORAL JUSTICE; TIME PREFERENCE; DYNAMIC OPTIMIZATIONQ2

Abstract

In macroeconomics literature inspired by traditional economists, it is said that economic growth and more equal distribution in income, are two opposite targets since moving toward more equality of income, will reduce propensity to saving. Based on the optimum growths models, it seems that the highest levels of growth can happen in a system just when in allocating the resources among the generations the attention is more paid to the concept of justice. If in this process the attention is more paid to the present generation compared to the future ones, the available resources for the whole system will decrease and as a result the economic growth will be stabilized at far lower rates. The more economic justice means the higher rate for economic growth. In this paper we use an optimal growth theory for studying the mechanics of this regularity. Empirical calibration of the model to the Iranian economy reveals that if economic policy makers in a planning period via a scenario can decrease social time preference to a 5%, real per capita GDP, consumption, saving and per capita capital formation will increase by 6.5%, 2.2% and 42% respectively.

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APA: Copy

BAKHSHI DASTJERDI, RASUL. (2011). THE IMPACT OF INTERTEMPORAL JUSTICE ON ECONOMIC GROWTH WITH EMPHASIS ON TIME PREFERENCE IN THE IRANIAN ECONOMY. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 11(1), 19-41. SID. https://sid.ir/paper/86613/en

Vancouver: Copy

BAKHSHI DASTJERDI RASUL. THE IMPACT OF INTERTEMPORAL JUSTICE ON ECONOMIC GROWTH WITH EMPHASIS ON TIME PREFERENCE IN THE IRANIAN ECONOMY. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2011;11(1):19-41. Available from: https://sid.ir/paper/86613/en

IEEE: Copy

RASUL BAKHSHI DASTJERDI, “THE IMPACT OF INTERTEMPORAL JUSTICE ON ECONOMIC GROWTH WITH EMPHASIS ON TIME PREFERENCE IN THE IRANIAN ECONOMY,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 11, no. 1, pp. 19–41, 2011, [Online]. Available: https://sid.ir/paper/86613/en

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