Original article Microeconomics

The economics of status, institutional design and economic policy

Teodor Sedlarski - Sofia University St. Kliment Ohridski
Received: 10 Jun 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 4/2015
JEL D63 H30 D02 D04 Z13
DOI https://doi.org/10.56497/etj1560401

Abstract

This article systemizes the newest research results in the contemporary field of the economic analysis of social status related to the formation of effective institutions and economic policies. The psychological effect of adaptation to the current consumption levels and the prevailing importance of relative to absolute wealth reveal the possibility to explain and forecast human behavior in a rationalistic economic perspective in situations that are usually studied in sociology. Taking into account the effects of the competition for status allows a more thorough and realistic analysis of the forms of socioeconomic organization, the implications of planned economic policies and the role of existing institutional structures for the subjective wellbeing of a society’s members.

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