POLITICAL ECONOMY OF SOCIAL STATUS - ECONOMIC AND SOCIO-PSYCHOLOGICAL EFFECTS OF STATUS COMPETITION ON 'WINNER-TAKE-ALL' MARKETS

Teodor Sedlarski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2019, vol. 17, issue 1, 211-277

Abstract: This paper elaborates on the impact of two phenomena on economic behavior which only recently became study object of standard economic analysis – social status and the spread of 'Winner-take-all' markets. The newly gained knowledge in the field improves the explanation power of economic theory regarding certain market tendencies in developed Western economies in the last decades, but also sheds light on their socio-psychological repercussions. The combined perspective helps explore the problem of the long-term sustainability of today's market organization of the social interaction between society's members. This research can be used to outline possible paths for enhancing the socioeconomic order, as well as to predict eventual social pressures towards 212institutional change in given areas of social life. The analyzed problems can be seen as part of the recently forming 'political economy of social status'.

Keywords: social status, winner-take-all markets, superstar effect; tournament theory, status externality; conspicuous consumption, relative deprivation theory; political economy of social status, signalling. (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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