LUO, YULEI; SMITH, WILLIAM T.; ZOU, HENG-FU - In: Journal of Money, Credit and Banking 41 (2009) 2-3, pp. 543-554
Recent research has shown that the "spirit of capitalism"-a preference for wealth itself, in addition to consumption-has important implications for growth and asset pricing. This paper explores how the spirit of capitalism affects saving and consumption behavior. We demonstrate that the spirit...