How Status Concerns Can Make Us Rich and Happy
Holger Strulik ()
Economica, 2015, vol. 82, 1217-1240
type="main" xml:id="ecca12146-abs-0001"> This paper considers an overlapping generations model of economic growth populated by two types of individuals. Competitive types compare future consumption (i.e. wealth) with the mean. Self-sufficient types derive utility simply from their own consumption and do not compare themselves with others. I derive a condition under which the utility (happiness) of both types increases when the economy is populated by a larger share of competitive types. I show that a sufficiently high share of competitive types in a society can be inevitable for long-run economic growth to exist.
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Working Paper: How status concerns can make us rich and happy (2013)
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