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Wealth accumulation and economic progress

Author

Listed:
  • Robert U. Ayres

    (INSEAD, The European Institute of Business Administration, Boulevard de Constance, F-99305 Fontainebleau Cedex, France)

  • Katalin Martina, s

    (ELTE, Budapest, Hungary)

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.

Suggested Citation

  • Robert U. Ayres & Katalin Martina, s, 1996. "Wealth accumulation and economic progress," Journal of Evolutionary Economics, Springer, vol. 6(4), pages 347-359.
    • Handle: RePEc:spr:joevec:v:6:y:1996:i:4:p:347-359
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    Citations

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    Cited by:

    1. repec:voc:wpaper:tech52012 is not listed on IDEAS
    2. Zsolt Gilanyi, 2005. "Modelling Markets Versus Market Economies: Success and Failure," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 3(2), pages 94-99.
    3. Serghey A. Amelkin, 2009. "Finite-Time Approach to Microeconomic and Information Exchange Processes," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 7(1), pages 8-13.
    4. repec:voc:wpaper:tech82012 is not listed on IDEAS
    5. Zsolt Gilányi, 2007. "Some Remarks on the Effects of Productivity on Growth," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 5(1), pages 14-20.
    6. S.A. Amelkin, 2004. "Accumulation and consumptionin microeconomic system," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 2(2), pages 119-125.
    7. Ayres, Robert U., 2004. "On the life cycle metaphor: where ecology and economics diverge," Ecological Economics, Elsevier, vol. 48(4), pages 425-438, April.
    8. repec:voc:wpaper:tech72012 is not listed on IDEAS
    9. Katalin Martinás, 2006. "Non-Equilibrium Economics," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 4(2), pages 63-79.
    10. repec:voc:wpaper:tech22012 is not listed on IDEAS
    11. repec:voc:wpaper:tech12012 is not listed on IDEAS
    12. repec:voc:wpaper:tech32012 is not listed on IDEAS
    13. Aboohamidi, Abbas & Chidmi, Benaissa, 2015. "Changes in the Wealth of American Households during the 2007-2009 Financial Crisis in the U.S," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205451, Agricultural and Applied Economics Association.
    14. repec:voc:wpaper:tech62012 is not listed on IDEAS
    15. Éva Hideg, 2004. "Foresight as a Special Characteristic of Complex Social Systems," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 2(1), pages 79-87.
    16. Katalin Martinas, 2004. "Neumannian Economy in Multi-agent Approach. Investigation of Stability and Instability in Economic Growth," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 2(1), pages 70-78.
    17. repec:voc:wpaper:tech92012 is not listed on IDEAS
    18. repec:voc:wpaper:tech42012 is not listed on IDEAS

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