Abstract
This paper presents an endogenous growth model where utility depends on relative deprivation as well as consumption. It is shown that a negative relationship exists between wealth inequality and equilibrium growth rate. In addition, if the concern for relative deprivation is strong enough, instantaneous utility decreases while aggregate income increases.
| Original language | English |
|---|---|
| Pages (from-to) | 223-229 |
| Number of pages | 7 |
| Journal | Journal of Economics/ Zeitschrift fur Nationalokonomie |
| Volume | 94 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 1 Sept 2008 |
| Externally published | Yes |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
-
SDG 8 Decent Work and Economic Growth -
SDG 10 Reduced Inequalities
Keywords
- Endogenous growth
- Inequality
- Relative deprivation
ASJC Scopus subject areas
- General Business,Management and Accounting
- Economics and Econometrics
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