scholarly journals Business Cycles with Spirit of Capitalism and Conspicuous Consumption in a Multi-Country Growth Model

2017 ◽  
Vol 10 (8) ◽  
pp. 58
Author(s):  
Wei-Bin Zhang
Keyword(s):  
Social Status ◽  
Growth Model ◽  
Conspicuous Consumption ◽  
Wealth Accumulation ◽  
Trade Patterns ◽  
Economic Growth Model ◽  
Endogenous Variables ◽  
Spirit Of Capitalism ◽  
Global Economic Growth

This paper generalizes the global economic growth model with spirit of capitalism, social status, and conspicuous consumption recently proposed by Zhang (2016). Zhang’s model examines the role of spirit of capitalism, social status, and conspicuous consumption in national and international economic development, trade patterns, and distribution of income and wealth between countries. The multi-country growth model treats social status and wealth accumulation as endogenous variables. This paper generalizes the model by Zhang through making all exogenous constant parameters as exogenous time-dependent parameters. We demonstrate how the system reacts to exogenous periodic perturbations.

scholarly journals Spirit of Capitalism and Conspicuous Consumption with Social Status in a Neoclassical Growth Trade Model

2016 ◽  
Vol 6 (1) ◽  
pp. 70
Author(s):  
Wei-Bin Zhang
Keyword(s):  
Economic Growth ◽  
Social Status ◽  
Conspicuous Consumption ◽  
Physical Capital ◽  
Wealth Accumulation ◽  
Trade Patterns ◽  
Dynamic Interactions ◽  
Trade Model ◽  
Spirit Of Capitalism

<p class="ber">This study deals with dynamic interactions among social status, conspicuous consumption, spirit of capitalism, global growth, trade patterns, and inequalities in income and wealth between countries. The paper constructs a multi-country growth model with endogenous physical capital, wealth accumulation and social status. The modelling of social status is influenced by the ideas related to economic growth and social status in the literature of economic growth. This study analyzes the role of conspicuous consumption by assuming that social status is enhanced by more consumption and the role of the spirit of capitalism (of some goods) by assuming that social status is enhanced by more wealth. The global economic system consists of any number of countries and each country has one capital goods sector and one consumer goods sector. This study applies an alternative utility function proposed by Zhang to analyze household behavior. The countries differ in preferences, spirits of capitalisms, and productivities. We show that the dynamics of -country world economy is described by  differential equations. We simulate the motion of the model with three countries and carry out comparative dynamic analysis with regard to some parameters.</p>

scholarly journals Economic Growth with Social Status, Spirit of Capitalism, and Conspicuous Consumption

2020 ◽  
Vol 9 (1) ◽  
pp. 1-10
Author(s):  
Wei-Bin Zhang
Keyword(s):  
Economic Growth ◽  
Social Status ◽  
Growth Model ◽  
Open Economy ◽  
Wealth Distribution ◽  
Small Open Economy ◽  
Conspicuous Consumption ◽  
Wealth Accumulation ◽  
Spirit Of Capitalism ◽  
Income And Wealth Distribution

The purpose of this study is to introduce social status, conspicuous consumption, and spirit of capitalism into neoclassical growth model. This paper studies a dynamic interdependence between economic growth, economic structural change, income and wealth distribution, social status, conspicuous consumption, and spirit of capitalism in a small-open economy. We build a heterogeneous-households growth model with endogenous wealth accumulation and social status. The dynamics of J-households economy is described by J differential equations. We simulate the motion of the model with three groups of households. We carry out comparative dynamic analysis with regard to some parameters.

scholarly journals Model Pertumbuhan Ekonomi Indonesia: Peranan Ketergantungan Spasial

2019 ◽  
Vol 19 (1) ◽  
pp. 62-83
Author(s):  
Aspiansyah Aspiansyah ◽  
Arie Damayanti
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Growth Model ◽  
Spatial Dependence ◽  
Regional Economic Growth ◽  
Regional Economic ◽  
Spatial Spillover ◽  
Economic Growth Model ◽  
Per Capita

This study aims to examine the role of spatial dependence on Indonesia’s regional economic growth based on panel data of all provinces in Indonesia during 1990–2015. By using spatial durbin model, the authors found that spatial dependence plays an important role in achieving regional economic growth in Indonesia. Indonesia’s regional economic growth model that controls spatial dependence, yields better estimates than growth model that does not control spatial dependence. The researchers also found positive spatial spillover to Indonesia’s regional economic growth sourced from other region’s economic growth and initial per capita incomes, as well as population growth in other regions. ============================ Penelitian ini bertujuan untuk mengkaji peranan ketergantungan spasial terhadap pertumbuhan ekonomi regional Indonesia berdasarkan data panel seluruh provinsi di Indonesia selama tahun 1990–2015. Dengan menggunakan model durbin spasial, penulis menemukan bahwa ketergantungan spasial berperan penting dalam pencapaian pertumbuhan ekonomi regional di Indonesia. Model pertumbuhan ekonomi regional Indonesia yang mengontrol ketergantungan spasial menghasilkan estimasi yang lebih baik daripada model pertumbuhan ekonomi regional Indonesia yang tidak mengontrol ketergantungan spasial. Peneliti jugamenemukan terjadinya spatial spillover yang positif terhadap pertumbuhan ekonomi regional Indonesia yang bersumber dari pertumbuhan ekonomi wilayah lain, pendapatan per kapita awal dari wilayah lain dan pertumbuhan penduduk wilayah lain.

scholarly journals A neoclassical growth model with endogenous birth and mortality rates

2021 ◽  
Vol 66 (231) ◽  
pp. 99-125
Author(s):  
Wei-Bin Zhang
Keyword(s):  
Gender Differences ◽  
Human Capital ◽  
Growth Model ◽  
Mortality Rates ◽  
Wealth Accumulation ◽  
Cultural Groups ◽  
General Equilibrium Theory ◽  
Birth Rates ◽  
And Gender

This study examines dynamic interdependence between different socio-cultural groups? birth rates, mortality rates, populations, wealth accumulation, and the allocation of time between work, leisure, and childcare. It emphasises the role of changes in human capital, technology, and preferences on birth and mortality rates and time allocations. The economic mechanism of wealth and income distribution is based on the Walrasian general equilibrium theory, and wealth accumulation is based on the Solow growth model. The paper uses a utility function proposed by Zhang (2015) to describe the behaviour of households. It also models group and gender differences in human capital, the propensity to have children, the propensity to use leisure time, and the efficiency of childcare. The paper uses differential equations to describe the dynamics of group differences in wealth, income, birth rates, mortality rates, and populations. I simulate a model to show the motion of the system and identify the existence of an equilibrium point. I also examine the effects on the dynamics of the economic system of changes in the propensity to have children and the propensity to save, and in gender differences in the propensity to use leisure, in human capital, and in emotional involvement in childcare.

scholarly journals MODEL PERTUMBUHAN EKONOMI DUA DAERAH DAN SIMULASI EFEK PERUBAHAN PARAMETERNY

2008 ◽  
Vol 7 (1) ◽  
pp. 47
Author(s):  
N. T. TAUFIK ◽  
E. H. NUGRAHANI ◽  
R. BUDIARTI
Keyword(s):  
Economic Growth ◽  
Economic System ◽  
Growth Model ◽  
Regional Growth ◽  
Learning By Doing ◽  
Trade Patterns ◽  
Knowledge Accumulation ◽  
Economic Growth Model ◽  
Modern Economic Growth ◽  
Modern Economic

The traditional growth theory usually considers only the accumulation of conventional inputs of labor and capital as the primary variables responsible for the growth. It has been proven to be insufficient for explaining the complexity of modern economic growth. This thesis aims to study a two-region economic growth model proposed by Zhang (2005). This model explains the dynamics of economic system based on capital and knowledge accumulation. It also considers relationships between regional growth and regional trade patterns. Each region's production is similar to the standard one-sector growth model. Knowledge accumulation is assumed to be accomplished through learning by doing. Unfortunately, in obtaining the equilibrium solution of the model Zhang made some mistakes. Therefore, this thesis offers some corrections. The analysis done in this thesis includes obtaining equilibrium of the economic system and its feasibility conditions. Some results of simulation study show that knowledge improvement is more effective to increase equilibrium value of economic growth compared to improvement in investment or amenity level.

scholarly journals The role of social status and testosterone in human conspicuous consumption

2017 ◽  
Vol 7 (1) ◽  
Author(s):  
Yin Wu ◽  
Christoph Eisenegger ◽  
Niro Sivanathan ◽  
Molly J. Crockett ◽  
Luke Clark
Keyword(s):  
Social Status ◽  
Conspicuous Consumption

scholarly journals Values of Land and Renewable Resources in a Three-Sector Economic Growth Model

2015 ◽  
Vol 10 (1) ◽  
pp. 156-186 ◽  
Author(s):  
Wei-Bin Zhang
Keyword(s):  
Growth Model ◽  
Renewable Resources ◽  
Perfect Competition ◽  
Growth Theory ◽  
Wealth Accumulation ◽  
Stable Equilibrium Point ◽  
Economic Growth Model ◽  
Output Elasticity ◽  
Alternative Approach ◽  
Resource Sector

Abstract This paper studies dynamic interdependence of capital, land and resource values in a three sector growth model with endogenous wealth and renewable resources. The model is based on the neoclassical growth theory, Ricardian theory and growth theory with renewable resources. The household’s decision is modeled with an alternative approach proposed by Zhang two decades ago. The economic system consists of the households, industrial, agricultural, and resource sectors. The model describes a dynamic interdependence between wealth accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate the existence of a unique stable equilibrium point and plot the motion of the dynamic system. The study conducts comparative dynamic analysis with regard to changes in the propensity to consume resources, the propensity to consume housing, the propensity to consume agricultural goods, the propensity to consume industrial goods, the propensity to save, the population, and the output elasticity of capital of the resource sector.

Sign in / Sign up

Export Citation Format

Share Document