In the presence of inequality a status-driven utility function reconciles the conflict between income-based and nutrition-based measures of poverty. Moreover, it can explain why the poor tend to save less, an established empirical fact in the developing countries. The result is independent of...

It is arguable that the most important event in the world economy in recent decades has been the rise of China, from being on a par with Sub Sahara Africa at the start of economic reform to being an economic superpower today. That rise remains under-researched. Moreover, the great structural...