Materialism and Economic Progress

Lingguo Xu (), Peter Earl and D.S. Prasada Rao ()
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Lingguo Xu: School of Economics, The University of Queensland, https://economics.uq.edu.au

No 604, Discussion Papers Series from University of Queensland, School of Economics

Abstract: Most empirical studies on the impact of materialism have focused on its effects at the micro-level, such as on individual wellbeing. This paper explores one of the macroeconomic impacts of materialism: its relationship with economic progress. A new conceptualization of materialism based on self-identity construction is offered and used to hypothesize that materialism drives economic progress by encouraging consumption and innovation. This analysis is tested using a survey item from the World Values Survey as an index for materialism. The empirical results, based on a short panel of data covering 74 nations and two periods, provide sufficient support to the conclusion that materialism can be a positive force for economic progress.

Keywords: Materialism; consumption; innovation; economic growth; economic progress; World Values Survey (search for similar items in EconPapers)
JEL-codes: O11 O40 P36 (search for similar items in EconPapers)
Date: 2019-02-26
New Economics Papers: this item is included in nep-hme, nep-ino and nep-war
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:qld:uq2004:604

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