Wealth accumulation and economic progress

Robert U. Ayres and S Katalin Martina
Additional contact information
Robert U. Ayres: INSEAD, The European Institute of Business Administration, Boulevard de Constance, F-99305 Fontainebleau Cedex, France
S Katalin Martina: ELTE, Budapest, Hungary

Journal of Evolutionary Economics, 1996, vol. 6, issue 4, 347-359

Abstract: In an evolutionary dynamic economic theory the accumulation of durable goods (i.e., wealth) is a key feature. Here we show that the wealth of individual economic agents can be measured by the progress function (PF). PF is a function of goods and money under straightforward assumptions, notably the `no-loss' rule for transactions. We derive explicit formulae for wealth from the PF. We also show how the compatibility of the PF and the neoclassical economics deriving the conventional utility functions from the PF.

Date: 1996
References: Add references at CitEc
Citations: View citations in EconPapers (18)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:joevec:v:6:y:1996:i:4:p:347-359

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/191/PS2

Access Statistics for this article

Journal of Evolutionary Economics is currently edited by Uwe Cantner, Elias Dinopoulos, Horst Hanusch and Luigi Orsenigo

More articles in Journal of Evolutionary Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().