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The Spirit of Capitalism, Social Status, Money, and Accumulation

Heng-fu Zou
Journal of Economics
Vol. 68, No. 3 (1998), pp. 219-233
Published by: Springer
Stable URL: http://www.jstor.org/stable/41794684
Page Count: 15
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The Spirit of Capitalism, Social Status, Money, and Accumulation
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Abstract

This paper demonstrates the unambiguous existence of the Tobin portfolio-shift effect in the wealth-is-status and the spirit-of-capitalism models of growth. Namely, higher inflation leads to higher capital stock in the long run, and inflation increases the endogenous-growth rate of the economy.

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