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Global Social Status, National Spirits Of Capitalism, And Economic Development

Author

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

This paper constructs a global economic growth model with endogenous social status, endogenous preferences, and wealth accumulation. The economic system is based the Solow model, the Uzawa two-sector model, and the Oniki-Uzawa trade model. We base our approach to measuring social status on some ideas in the literature of economic growth with endogenous growth. The model is specially based on a model proposed by Zhang (2016). This study considers relative social status as a function of a country’s relative wealth per household with the global average per household wealth. It treats time distribution between leisure and work as endogenous variables. The world economy is composed of any number of national economies and each national economy consists of one capital goods sector and one consumer goods sector. National economies differ in social status, preferences, spirits of capitalism, and productivities. We build the model for J -country world economy and express the dynamics with J differential equations. We simulate the movement of a 3-country global economy and carried out comparative dynamic analysis with regard to some parameters

Suggested Citation

  • Wei-Bin Zhang, 2017. "Global Social Status, National Spirits Of Capitalism, And Economic Development," Economics 21, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 2 Year 20, pages 53-75.
    • Handle: RePEc:dat:econ21:y:2017:i:2:p:53-75
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    File URL: http://hdl.handle.net/10610/3412
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    Cited by:

    1. Zhang, Wei-Bin, 2019. "Global Business Cycles in a Neoclassical Growth Model with Spirits of Capitalism," Bulletin of Economic Theory and Analysis, BETA Journals, vol. 4(1), pages 13-33, June.

    More about this item

    Keywords

    economic growth; social status; spirit of capitalism; global income inequality; global wealth distribution;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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