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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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Suggested Citation

  • Chaim Fershtman & Yoram Weiss, 1991. "Social Status, Culture and Economic Performance," Discussion Papers 1007, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    • Handle: RePEc:nwu:cmsems:1007
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    References listed on IDEAS

    as
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    4. Fershtman, Chaim & Weiss, Yoram, 1991. "Social Status, Culture and Economic Performance," Foerder Institute for Economic Research Working Papers 275519, Tel-Aviv University > Foerder Institute for Economic Research.
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    7. Benabou, R., 1991. "Location, Education, and Production," Working papers 582, Massachusetts Institute of Technology (MIT), Department of Economics.
    8. Weiss, Yoram, 1976. "The Wealth Effect in Occupational Choice," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 292-307, June.
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