Status Aspirations, Wealth Inequality, and Economic Growth
This paper argues that an increase in the inequality of wealth prompts a stronger quest for status that in turn fosters the accumulation of wealth. It proposes a measure for an individual's want of social status. For a given level of a population's wealth, the corresponding aggregate measure of want of social status is shown to be positively related to the Gini coefficient of wealth inequality. Hence, the Gini coefficient and growth are positively correlated, holding the population's wealth constant. Copyright © 2006 The Authors; Journal compilation © 2006 Blackwell Publishing Ltd.
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Volume (Year): 10 (2006)
Issue (Month): 1 (02)
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References listed on IDEAS
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- Fishman, Arthur & Simhon, Avi, 2002. "The Division of Labor, Inequality and Growth," Journal of Economic Growth, Springer, vol. 7(2), pages 117-136, June.
- Stark, Oded, 1990. "A Relative Deprivation Approach to Performance Incentives in Career Games and Other Contests," Kyklos, Wiley Blackwell, vol. 43(2), pages 211-227.
- Gaspart, Frederic & Seki, Erika, 2003. "Cooperation, status seeking and competitive behaviour: theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 51-77, May.