Status, Poverty and Trade
The conflict between the income based and nutrition based estimates of poverty is a widely debated issue in economic literature. This paper, using a two commodity framework, attempts to show that in presence of inequality, a status driven utility function can reconcile the conflict between the two measures of poverty. In addition, a simple general equilibrium model using such a utility function is constructed to analyse the implications of social inequality on relative prices and the emerging pattern of trade.
|Date of creation:||2011|
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- Andrew E. Clark & Paul Frijters & Michael A. Shields, 2008.
"Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles,"
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"Economic choices and status: measuring preferences for income rank,"
Oxford Economic Papers,
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- Mujcic, Redzo & Frijters, Paul, 2010. "Economic Choices and Status: Measuring Preferences for Income Rank," IZA Discussion Papers 5157, Institute for the Study of Labor (IZA).
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- Fafchamps, Marcel & Shilpi, Forhad, 2008.
"Subjective welfare, isolation, and relative consumption,"
Journal of Development Economics,
Elsevier, vol. 86(1), pages 43-60, April.
- Fafchamps, Marcel & Shilpi, Forhad, 2006. "Subjective Welfare, Isolation and Relative Consumption," CEPR Discussion Papers 6002, C.E.P.R. Discussion Papers.
- Thorstein Veblen, 1899. "Mr. Cummings's Strictures on "The Theory of the Leisure Class"," Journal of Political Economy, University of Chicago Press, vol. 8, pages 106-106.
- Christian Ghiglino & Sanjeev Goyal, 2010.
"Keeping Up with the Neighbors: Social Interaction in a Market Economy,"
Journal of the European Economic Association,
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- Ghiglino, Christian & Goyal, Sanjeev, 2008. "Keeping up with the neighbours: social interaction in a market economy," Economics Discussion Papers 3002, University of Essex, Department of Economics.
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