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SOCIAL STATUS AND INEQUALITY IN AN INTEGRATED WALRASIAN-GENERAL EQUILIBRIUM AND NEOCLASSICAL-GROWTH THEORY

Wei-Bin Zhang
경제연구소 (Hanyang Economic Research Institute)|2017.12|Journal of Economic Development|제42권 제4호|pp. 95-118|DOI 10.35866/caujed.2017.42.4.004

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키워드

Social StatusWalrasian General Equilibrium TheoryNeoclassical Growth TheoryIncome and Wealth DistributionPreference Change
주제분류경제학

초록

This study deals with interactions between social status, economic growth and income and wealth distribution in an economic growth model of heterogeneous households with economic structure. The model emphasizes the role of social status on economic structural change and wealth and income distribution. It is influenced by the ideas related to economic growth and social status in the literature of economic growth and an integrated Walrasian general equilibrium theory and neoclassical growth theory. The economic system consists of one capital goods sector, one consumer goods sector, and any number (of types) of households. The motion is described by a set of differential equations. For illustration, we simulate the motion of the economic system with three groups of households. We identify the existence of a unique stable equilibrium point. We also carry out comparative dynamic analysis. The comparative analyses provide some insights into the complexity of economic growth with social status.

Abstract

This study deals with interactions between social status, economic growth and income and wealth distribution in an economic growth model of heterogeneous households with economic structure. The model emphasizes the role of social status on economic structural change and wealth and income distribution. It is influenced by the ideas related to economic growth and social status in the literature of economic growth and an integrated Walrasian general equilibrium theory and neoclassical growth theory. The economic system consists of one capital goods sector, one consumer goods sector, and any number (of types) of households. The motion is described by a set of differential equations. For illustration, we simulate the motion of the economic system with three groups of households. We identify the existence of a unique stable equilibrium point. We also carry out comparative dynamic analysis. The comparative analyses provide some insights into the complexity of economic growth with social status.

참고문헌 (70)

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