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Oxford Economic Papers Advance Access originally published online on October 9, 2008
Oxford Economic Papers 2009 61(3):467-493; doi:10.1093/oep/gpn033
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© Oxford University Press 2008 All rights reserved

Status jobs, human capital, and growth: the effects of heterogeneity

Frédéric Tournemaine* and Christopher Tsoukis{dagger}

*School of Economics, University of Chicago-UTCC Research Center, University of the Thai Chamber of Commerce, 126/1 Vibhavadee-Rangsit Road, Dindaeng, Bangkok, 10400, Thailand; e-mail: frederic.tournemaine{at}uc-utcc.org
{dagger}Economics Section, London Metropolitan Business School, London Metropolitan University, 84 Moorgate, London EC2M 6SQ; e-mail: c.tsoukis{at}londonmet.ac.uk

JEL classifications: O31, O41


  Abstract

This paper develops a simple endogenous growth model of human capital accumulation with social status effects. These include status from job quality, as indicated by their relative level of education, as well as ‘keeping up with the Joneses’ in consumption. Symmetrically held, social aspirations increase growth, but possibly to a sub-optimally high level. Under heterogeneity, we show that growth and inequality are negatively related. We distinguish between ‘average’ and ‘differential’ status effects, and point out the difference in the effects on growth and equality between these two classes. Within the ‘differential’ effects class, any rise in ‘gains from’ and decrease in ‘pains from the lack of’ status from either consumption and/or job quality would decrease mean hours in education, growth, and increase inequality.


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