Social status and economic performance: A survey

This survey combines ideas and results from sociology and economics, recognizing that economic decisions are often shaped by social concerns and influences. Based on the sociological literature, we define social status and describe its measurement. We then describe the role of social status in economic analysis of saving and consumption, wages, and economic growth. We review recent work on status determination in equilibrium, including evolutionary models. We conclude with some remarks on the need for further interaction between sociology and economics.