Wealth accumulation and economic progress |
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Authors: | Robert U Ayres Katalin Martinás |
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Institution: | (1) INSEAD, The European Institute of Business Administration, Boulevard de Constance, F-99305 Fontainebleau Cedex, France, FR;(2) ELTE, Budapest, Hungary, HU |
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Abstract: | In an evolutionary dynamic economic theory the accumulation of durable goods (i.e., wealth) is a key feature. Here we show that the wealth of individual economic agents can be measured by the progress function (PF).
PF is a function of goods and money under straightforward assumptions, notably the ‘no-loss’ rule for transactions. We derive
explicit formulae for wealth from the PF. We also show how the compatibility of the PF and the neoclassical economics deriving
the conventional utility functions from the PF. |
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Keywords: | |
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