Superstars, Winner-Take-All Markets and Economic Growth

Baochun Peng ()

No 2009-06, NUBS Malaysia Campus Research Paper Series from Nottingham University Business School Malaysia Campus

Abstract: This paper argues that the “superstar” phenomenon, as a natural outcome of features of knowledge-based products, has important relevance for - and has so far been overlooked by - endogenous growth theory. By modelling superstar phenomena as outcomes of winnertake-all contests in an innovation-driven endogenous growth model, where productivity growth as well as the structures of the winner-takeall contests are jointly determined, this paper provides a framework that simultaneously accounts for changes in income disparity observed in recent decades, the rise of the superstar phenomenon, the intensification of winner-take-all contests, and the “paradox of happiness”.

Keywords: Endogenous growth; Winner-take-all contest; Superstars; Income inequality; Happiness (search for similar items in EconPapers)
Date: 2009-06
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