Personal happiness might not solely depend on the individual's level of wealth but also on the individual's level of sincere social capital. This paper argues that if sincere interpersonal communication is sensitive to economic status disparities, the accumulation of personal wealth beyond the...

A no-arbitrage rule of consumption and a golden rule of capital accumulation are derived under the assumptions that the satisfaction from consumption is spoiled by environmental degradation caused by industrialisation but moderated by cleaning up and greening operations.