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Positional Preferences and Efficiency in a Dynamic Economy

Author

Listed:
  • Thomas Aronsson

    (Umea University, Sweden)

  • Sugata Ghosh

    (Brunel University, London)

  • Ronald Wendner

    (University of Graz, Austria)

Abstract
In an endogenous growth model, we characterize the conditions under which positional preferences for consumption and wealth do not cause inefficiency and derive an optimal tax policy response in cases where these conditions are not satisfied. The concerns for relative consumption and relative wealth partly emanate from social comparisons with people in other countries. We distinguish between a (conventional) welfarist government and a non-welfarist government that does not attach any social value to relative concerns. We also compare the outcome of Nash-competition among local/national governments with the resource allocation implied by a global social optimum both under welfarism and non-welfarism.

Suggested Citation

  • Thomas Aronsson & Sugata Ghosh & Ronald Wendner, 2021. "Positional Preferences and Efficiency in a Dynamic Economy," Graz Economics Papers 2021-07, University of Graz, Department of Economics.
    • Handle: RePEc:grz:wpaper:2021-07
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    More about this item

    Keywords

    Positional preferences; Endogenous growth; Wealth; Intertemporal distortion; Welfarism; Non-welfarism; Inter-country externalities; Pigouvian taxation.;
    All these keywords.

    JEL classification:

    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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