The Spirit of Capitalism, Endogenous Preferences, Prosperity, and Depression

Peng Wang and Heng-Fu Zou ()

No 630, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: When time preferences are a decreasing function of wealth, there will be prosperity; but when time preferences become an increasing function of wealth, there will be depression and stagnation.

Pages: 7 pages
Date: 2024-03-17
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