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Discrimination, Income And Wealth Distribution, And Business Cycles

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  • Wei-Bin ZHANG

    (Ritsumeikan Asia Pacific University, Japan)

Abstract

This study generalizes the heterogeneous-household growth model with dynamic interdependence between economic growth, inequality in wealth and income, and discrimination proposed by Zhang (2017). The original model is in an integration of Walrasian-general-equilibrium theory and neoclassical-growth theory under influences of literature of economic discrimination. The economy is composed of one capital good sector, one consumer good sector, and multiple groups of households. It describes a dynamic interdependence between wealth accumulation, income and wealth distribution, time distribution and division of labor under discrimination. The model is generalized so that all constant parameters in the original model are time-dependent. The generalization makes the original model more robust as the current model allows us to study effects of exogenous time-dependent perturbations on the movement of the system. We provide a few examples of business cycles due to periodic exogenous shocks.

Suggested Citation

  • Wei-Bin ZHANG, 2018. "Discrimination, Income And Wealth Distribution, And Business Cycles," The USV Annals of Economics and Public Administration, Stefan cel Mare University of Suceava, Romania, Faculty of Economics and Public Administration, vol. 18(1(27)), pages 23-35, June.
    • Handle: RePEc:scm:usvaep:v:18:y:2018:i:1(27):p:23-35
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