Well‐being and Affluence in the Presence of a Veblen Good
用一般均衡模型解释发达国家为何富裕增长但幸福未增，发现凡勃伦商品会消耗生产力提升并破坏社会资本。
The happiness literature has established that, in the developed countries, increasing affluence has not increased well-being in recent decades. We seek an explanation for this in terms of conspicuous consumption, a phenomenon originally identified by Veblen. We develop some simple general equilibrium models that incorporate a Veblen good, among others. In all of our models, as productivity increases, the Veblen good eventually dominates the economy in the sense that, by reducing leisure, more than all the added productivity is dissipated in the production of this good. Also, in the presence of a Veblen good, productivity increases destroy social capital. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.