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| Shiro Kuwahara |
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| ''Luxury-based Growth'' |
| ( 2006, Vol. 15 No.5 ) |
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| Assuming that there exists a preference for luxury goods and a knowledge spillover from
luxury goods production to goods production, this paper constructs an endogenous economic growth model. The model
predicts two steady states: one is a steady positive growth state with regard to luxury goods production, and the
other is a zero growth state in the absence of luxury goods production. Thus, this study examines the polarization
of economies based on luxury goods consumption |
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| Keywords: |
JEL: O1 - Economic Development: General
E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) |
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| Manuscript Received : Mar 17 2006 | | Manuscript Accepted : Jun 19 2006 |
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