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Social Status, Culture and Economic Performance

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  • Chaim Fershtman
  • Yoram Weiss

Abstract

Cultural differences among societies may translate into different social status of occupations and can, therefore, affect the workers' choice of education and occupation and, consequently, the equilibrium level of output and wages. Conversely, the economic choices of individuals influence the social status of occupations. This paper constructs a general equilibrium model in which both wages and status are determined endogenously. The authors show that changes in the demand for status, triggered by changes in preferences or income distribution, influence the wage structure, the level of aggregate output, and economic welfare. Copyright 1993 by Royal Economic Society.

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Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1007.

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Date of creation: Sep 1991
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Handle: RePEc:nwu:cmsems:1007

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References

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  1. Yoram Weiss & Lee A. Lillard, 1976. "Experience, Vintage and Time Effects in the Growth of Earnings: AmericanScientists, 1960-1970," NBER Working Papers 0138, National Bureau of Economic Research, Inc.
  2. Fershtman, Chaim & Weiss, Yoram, 1993. "Social Status, Culture and Economic Performance," Economic Journal, Royal Economic Society, vol. 103(419), pages 946-59, July.
  3. Abhijit V. Banerjee & Andrew F. Newman, 1990. "Occupational Choice and the Process of Development," Discussion Papers 911, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Yoram Weiss, 1974. "The Wealth Effect in Occupational Choice," NBER Working Papers 0028, National Bureau of Economic Research, Inc.
  5. Cole, Harold L & Mailath, George J & Postlewaite, Andrew, 1992. "Social Norms, Savings Behavior, and Growth," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1092-1125, December.
  6. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
  7. Basu, Kaushik, 1989. "A Theory of Association: Social Status, Prices and Markets," Oxford Economic Papers, Oxford University Press, vol. 41(4), pages 653-71, October.
  8. Benabou, R., 1991. "Location, Education, and Production," Working papers 582, Massachusetts Institute of Technology (MIT), Department of Economics.
  9. Becker, Gary S., 1971. "The Economics of Discrimination," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226041162, March.
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