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Wealth accumulation and economic progress

Author: Ayres, Robert U. ; Martinas, KatalinINSEAD Area: Economics and Political ScienceIn: Journal of Evolutionary Economics, vol. 6, no. 4, November 1996 Language: EnglishDescription: p. 347-359.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: 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 intentional utility functions from the PF
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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 intentional utility functions from the PF

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