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The two sides of envy

机译：嫉妒的两面

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摘要

The two sides of envy, destructive and constructive, give rise to qualitatively different equilibria, depending on the economic, institutional, and cultural environment. If investment opportunities are scarce, inequality is high, property rights are not secure, and social comparisons are strong, society is likely to be in the "fear equilibrium," in which better endowed agents underinvest in order to avoid destructive envy of the relatively poor. Otherwise, the standard "keeping up with the Joneses" competition arises, and envy is satisfied through suboptimally high efforts. Economic growth expands the production possibilities frontier and triggers an endogenous transition from one equilibrium to the other causing a qualitative shift in the relationship between envy and economic performance: envy-avoidance behavior with its adverse effect on investment paves the way to creative emulation. From a welfare perspective, better institutions and wealth redistribution that move the society away from the low-output fear equilibrium need not be Pareto improving in the short run, as they unleash the negative consumption externality. In the long run, such policies contribute to an increase in social welfare due to enhanced productivity growth.
机译：羡慕的，破坏性的和建设性的两个方面在本质上产生了不同的均衡，这取决于经济，体制和文化环境。如果投资机会稀缺，不平等现象严重，产权不安全，社会比较性强，则社会很可能处于“恐惧均衡”状态，在这种情况下，较好的agents赋代理商会进行不足的投资，以避免对相对贫穷的人产生破坏性的嫉妒。 。否则，就会出现标准的“跟上琼斯”的竞争，通过次优的努力就能满足嫉妒。经济增长扩大了生产可能性的边界，并引发了从一种均衡向另一种均衡的内生转变，从而导致嫉妒与经济绩效之间的关系发生了质的变化：避免嫉妒行为对投资产生不利影响，为创新模仿铺平了道路。从福利的角度来看，使社会摆脱低产出恐惧均衡的更好的制度和财富再分配，在短期内不必改善帕累托，因为它们会释放负面的消费外部性。从长远来看，由于提高了生产率，这些政策有助于增加社会福利。

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