The paper presents a model of social and economic development which relaxes some of the assumptions made in existing papers on the determinants of growth. In particular, the model allows for multidirectional causality between social and economic indicators. The model indicates that there are...

In line with rapid world economic growth, globalization has led to a decrease in global income inequality, according to the World Bank. However, in some contexts, income disparity continues to rise, proving that a variety of factors can determine wealth and income across different countries and...