The spirit of capitalism, social status, money, and accumulation

Heng-Fu Zou ()

No 99, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: This paper demonstrates the unambiguous existence of the Tobin portfolio-shift effect in the wealth-is-status and the spirit-of-capitalism models of growth. Namely, higher inflation leads to higher capital stock in the long run, and inflation increases the endogenous-growth rate of the economy.

Keywords: spirit of capitalism; social status; money; growth (search for similar items in EconPapers)
JEL-codes: E1 E31 O42 (search for similar items in EconPapers)
Pages: 15 pages
Date: 1998
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Citations: View citations in EconPapers (28)

Published in Journal OF Economics Volume 68, Number 3, Pages 219-233

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Journal Article: The spirit of capitalism, social status, money, and accumulation (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:cuf:wpaper:99

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