With _____________, in the absence of government, there is no way for the current generation to have compensated the previous generation for their investments in institutions or education, so the previous generations would, absent government likely under-invest in _______________
This is why the government needs to take a long view and try to maximize steady-state per capita consumption (golden rule)
a) Intergenerational transfers; human capital
b) Private property rights; physical capital
c) Government interventions; technological progress
d) Market failures; public infrastructure