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Shiro Kuwahara
''Luxury-based Growth''
( 2006, Vol. 15 No.5 )
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
JEL: O1 - Economic Development: General
E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)
Manuscript Received : Mar 17 2006 Manuscript Accepted : Jun 19 2006

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