Pietraszewski, Piotr2013-02-142013-02-142009Ruch Prawniczy, Ekonomiczny i Socjologiczny 71, 2009, z. 4, s. 173-1940035-9629http://hdl.handle.net/10593/4559The subject of this paper is an analysis of the possibility of a government to influence the economic growth through a fiscal policy, in the extended framework o f a neoclassical model of economic growth (with the accumulation of human capital). This model implies no relation between social rates of investments in real and human capital and a long-term growth rate. It limits the possibility of potential stimulating of the rate of growth by economic authorities only to the transitory period, during which the economy moves from one balanced growth path to another. However, since the positive influence of the accelerated accumulation of capital on the level of the long-term growth path of the per capita product does not have to entail the increase of social welfare (measured by the level of social per capita consumption), we raise a question about the optimal structure of budget expenses in the division into public investments in real and human capital and consumption, corresponding to a given structure of private sector expenses. Next we reject the assumption about the exogenously given structure of expenses of private agents which means, inter alia, the absence of reaction of these agents to changes in the fiscal policy of the government. The endogenous derivation of the division of private incomes for investments and consumption from explicitly described preferences of agents over (per capita) consumption streams may lead to the conclusion suggesting total neutrality of the fiscal policy with regards to its influence on economic growth. At the last stage of the analysis we demonstrate that this conclusion is becoming relativised, depending on the extent to which private agents take into account the level of public consumption in their optimising decisions.plArtykuł