The spirit of capitalism, social status, money, and accumulation
AbstractThis 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.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Economics Zeitschrift für Nationalökonomie.
Volume (Year): 68 (1998)
Issue (Month): 3 (October)
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Web page: http://www.springerlink.com/link.asp?id=108909
spirit of capitalism; social status; money; growth; E1; E31; O42;
Other versions of this item:
- Heng-fu Zou, 1998. "The spirit of capitalism, social status, money, and accumulation," CEMA Working Papers 99, China Economics and Management Academy, Central University of Finance and Economics.
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
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