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Wealth accumulation and economic progress (1996)

Ayres, Robert U. ; Martina´s, Katalin

Springer

Journal of evolutionary economics 6 (1996), S. 347-359

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ISSN: 1432-1386

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract In an evolutionary dynamic economic theory the accumulation of durable goods (i.e., wealth) is a key feature. Here we show that the wealth of individual economic agents can be measured by the progress function (PF). PF is a function of goods and money under straightforward assumptions, notably the ‘no-loss’ rule for transactions. We derive explicit formulae for wealth from the PF. We also show how the compatibility of the PF and the neoclassical economics deriving the conventional utility functions from the PF.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/s001910050027

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