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Preference Change, Social Status, Habits, and Fashion

In: The General Economic Theory

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

This chapter introduces endogenous preference change, social status, and fashion into the general equilibrium growth model developed in Chap. 3 . People have different propensities to save, which affects income and wealth distribution and macroeconomic growth. People brought up in different societies and family conditions have different habits in consumption and decision making. People with different social status behave differently. Preference, habit, social status, and fashions and their relations to economic conditions are traditional topics in economics. This chapter is concerned with social status and economic growth in association with income and wealth gaps. It also introduces the growth model with fashion dynamics. The chapter finally comments on how to integrate various ideas about human behavior from psychology with the models in this book.

Suggested Citation

  • Wei-Bin Zhang, 2020. "Preference Change, Social Status, Habits, and Fashion," Springer Books, in: The General Economic Theory, chapter 0, pages 177-202, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-56204-5_9
    DOI: 10.1007/978-3-030-56204-5_9
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