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Journal of Evolutionary Economics

, Volume 6, Issue 4, pp 347–359 | Cite as

Wealth accumulation and economic progress

  • Robert U. Ayres
  • Katalin Martinás
Article

Abstract

In an evolutionary dynamic economic theory the accumulation of durable goods (i.e.,wealth) is a key feature. Here we show that the wealth of individual economic agents can be measured by the progress function (PF). PF is a function of goods and money under straightforward assumptions, notably the ‘no-loss’ rule for transactions. We derive explicit formulae for wealth from the PF. We also show how the compatibility of the PF and the neoclassical economics deriving the conventional utility functions from the PF.

Keywords

Utility Function Economic Theory International Economic Explicit Formula Economic Agent 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag 1996

Authors and Affiliations

  • Robert U. Ayres
    • 1
  • Katalin Martinás
    • 2
  1. 1.The European Institute of Business AdministrationINSEADFontainebleau CedexFrance
  2. 2.ELTEBudapestHungary

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