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On Behavioral Macroeconomics, Globalization, and Economic Growth

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  • Rosas-Martinez, Victor H.

Abstract

We assess theoretically the effect of forming a free trade union on the total production of a nation, where such effects are caused by the absorption of technologies. A popular metaphor describes the people as crabs in a bucket because when one crab tries to scape, the others pull it down avoiding a possible way out for all of them. Given this knowledge, posteriorly and independently of the income inequality levels, we extend our analyses to consider the effect of envy in a macroeconomic level on the total production, and draw the implications which this phenomenon has on the formation of free trade unions. We make strategic policy recommendations to allow the achievement of a globalization that benefits each member nation, where we show that the great trade union might have to start with gradual and charitable subregional agreements.

Suggested Citation

  • Rosas-Martinez, Victor H., 2015. "On Behavioral Macroeconomics, Globalization, and Economic Growth," MPRA Paper 70751, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:70751
    as

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    References listed on IDEAS

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    5. Durlauf,S.N., 2003. "The convergence hypothesis after 10 years," Working papers 6, Wisconsin Madison - Social Systems.
    6. Jakob B. Madsen, 2009. "Trade Barriers, Openness, and Economic Growth," Southern Economic Journal, John Wiley & Sons, vol. 76(2), pages 397-418, October.
    7. Lal, Deepak & Rajapatirana, Sarath, 1987. "Foreign Trade Regimes and Economic Growth in Developing Countries," The World Bank Research Observer, World Bank, vol. 2(2), pages 189-217, July.
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    Cited by:

    1. Rosas-Martinez, Victor H., 2016. "Expectations Over Durable Assets: How to Avoid the Formation of Value Bubbles," MPRA Paper 75350, University Library of Munich, Germany.

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    More about this item

    Keywords

    International Trade; Technological Absorption; Behavioral Macroeconomics; Economic Growth; Trade Policy;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

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