Abstract
This paper investigates the effect of alternative bequest motives on economic growth when intentional bequests are crucial. We consider three motives: the altruistic bequest motive, the bequest-as-consumption motive, and the bequest-as-exchange motive. It is shown that the long-run effect on economic growth is qualitatively the same in all three alternative intentional bequest motives. Namely, when the private discount rate is large, the growth rate is low. A public intergenerational transfer like a pay-as-you-go social security scheme will not necessarily affect the long-run growth rate in all three motives. However, the transitional and welfare effects of public intergenerational transfer will be different among the three cases of bequest motives. J. Japan. Int. Econ., September 1994, 8(3), pp.329–342. Department of Economics, University of Tokyo, Hongo, Tokyo 113, Japan; and Department of Economics, Osaka University, Toyonaka, Osaka 560, Japan.
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