There is much evidence that relative income concern reduces subjective wellbeing and raises labour supply – 'keeping up with the Joneses' (KUJ), while increasing use of social media and growing inequality encourage comparison. Models with one or two agent –types generally miss the policy...

There is much evidence that relative income concern reduces subjective wellbeing and raises labour supply - "keeping up with the Joneses" (KUJ), while increasing use of social media and growing inequality encourage comparison. Models with one or two agent-types generally miss the policy relevant...