Business Cycles with Spirit of Capitalism and Conspicuous Consumption in a Multi-Country Growth Model

Wei-Bin Zhang

International Business Research, 2017, vol. 10, issue 8, 58-71

Abstract: This paper generalizes the global economic growth model with spirit of capitalism, social status, and conspicuous consumption recently proposed by Zhang (2016). Zhang’s model examines the role of spirit of capitalism, social status, and conspicuous consumption in national and international economic development, trade patterns, and distribution of income and wealth between countries. The multi-country growth model treats social status and wealth accumulation as endogenous variables. This paper generalizes the model by Zhang through making all exogenous constant parameters as exogenous time-dependent parameters. We demonstrate how the system reacts to exogenous periodic perturbations.

Keywords: spirit of capitalism, oscillations; global economic growth, social status, inequality in income and wealth, conspicuous consumption (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ibn:ibrjnl:v:10:y:2017:i:8:p:58-71

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