Economic Growth with Social Status, Spirit of Capitalism, and Conspicuous Consumption

Wei-Bin Zhang

Shanlax International Journal of Economics, 2020, vol. 9, issue 1, 1-10

Abstract: The purpose of this study is to introduce social status, conspicuous consumption, and spirit of capitalism into neoclassical growth model. This paper studies a dynamic interdependence between economic growth, economic structural change, income and wealth distribution, social status, conspicuous consumption, and spirit of capitalism in a small-open economy. We build a heterogeneous-households growth model with endogenous wealth accumulation and social status. The dynamics of J-households economy is described by J differential equations. We simulate the motion of the model with three groups of households. We carry out comparative dynamic analysis with regard to some parameters.

Keywords: Spirit of capitalism; Conspicuous consumption; Social status; Inequality in income and Wealth (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acg:journl:v:9:y:2020:i:1:p:1-10

DOI: 10.34293/economics.v9i1.3500

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