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The Political Economy of Postmaterialism: Material Explanations of Changing Values

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  • Robert Grafstein

Abstract

This paper uses a dynamic stochastic general equilibrium (DSGE) model of the US political economy to explore the impact of public insurance on the way individuals react to partisan changes in economic policy. In response to these aggregate political shocks, individuals rely on public insurance to insulate them from government‐induced volatility in consumption. As a result, the public appears to be relatively less materialistic in its vote choices as well as in “values” surveys, but only because its underlying materialism has less political salience. Thus this insurance model provides an alternative analysis of the rise of “postmaterialist values” and their relation to unemployment.

Suggested Citation

  • Robert Grafstein, 2002. "The Political Economy of Postmaterialism: Material Explanations of Changing Values," Economics and Politics, Wiley Blackwell, vol. 14(2), pages 163-190, July.
    • Handle: RePEc:bla:ecopol:v:14:y:2002:i:2:p:163-190
    DOI: 10.1111/1468-0343.00104
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    Cited by:

    1. Babak Panahi & Christopher Nigel Preece & Wan Normeza Wan Zakaria & John Rogers & Elena Moezzi, 2014. "Review and Conceptualization of Value Congruence toward Construction Industry in Malaysia," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(10), pages 611-630, October.

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