The spirit of capitalism, social status, money, and accumulation |
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| Authors: | Heng-fu Zou |
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| Institution: | (1) Present address: Room MC2-611, The World Bank, 1818 H St. N.W., 20433 Washington, DC, USA |
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| Abstract: | This paper demonstrates the unambiguous existence of the Tobin portfolio-shift effect in the wealth-is-status and the spirit-of-capitalism models of growth. Namely, higher inflation leads to higher capital stock in the long run, and inflation increases the endogenous-growth rate of the economy. |
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| Keywords: | spirit of capitalism social status money growth |
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