Please use this identifier to cite or link to this item: https://doi.org/10.1016/S0167-2681(01)00146-9
Title: Attitude choice, economic change, and welfare
Authors: Ng, Y.-K.
Wang, J. 
Keywords: Aspiration
Attitude
D10
D60
Economic growth
Materialistic
Welfare
Issue Date: 2001
Source: Ng, Y.-K., Wang, J. (2001). Attitude choice, economic change, and welfare. Journal of Economic Behavior and Organization 45 (3) : 279-291. ScholarBank@NUS Repository. https://doi.org/10.1016/S0167-2681(01)00146-9
Abstract: As supported by commonsense and substantial evidence (discussed in Sections 1 and 2), one's attitude toward wealth may affect utility and people can, at least to some extent and at some costs, choose their attitudes. Using a very simple model of attitude choice (Section 3) and analysing the comparative-static effects of some economic changes (Section 4), this paper shows that individuals with high/low incomes tend to adopt an attitude emphasizing the importance of material consumption more/less. Economic growth unambiguously increases the utility of the rich (unless the generation of growth itself is too costly) by increasing both their income and the prevailing materialistic attitude. It has an ambiguous effect on the poor as it makes them better off through a higher income level, but worse off through a higher prevailing materialistic attitude. © 2001 Elsevier Science B.V.
Source Title: Journal of Economic Behavior and Organization
URI: http://scholarbank.nus.edu.sg/handle/10635/22266
ISSN: 01672681
DOI: 10.1016/S0167-2681(01)00146-9
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