A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2015; you can also visit the original URL.
The file type is
Executive Summary Two models dominate the economics literature on why people save (and hence on why they accumulate wealth). In one, the life-cycle model, people save when they are young in order to have funds to support their retirement. In the other, the dynastic model, households save to build estates to pass to their descendants. From the standpoint of public policy analysis, the two models can have quite different predictions. It is also the case that research shows that either model bydoi:10.2139/ssrn.1084589 fatcat:hcqdyl63p5hrhjwl6rgexgddzq