Relative deprivation,wealth inequality and economic growth |
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Authors: | Baochun Peng |
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Institution: | (1) c/o Mrs Lisa Ho, School of Business, University of Nottingham - Malaysia, Jalan Broga, 43500 Semenyih, Selangor, Malaysia |
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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.
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Keywords: | Relative deprivation Endogenous growth Inequality |
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