According to Schumpeter (1934), entrepreneurs are driven to innovate not for the fruits of success but for success itself. This description of entrepreneurship echoes Weber’s (1958 ) description of the “spirit of capitalism,” which states that people enjoy the accumulation of wealth...

This paper surveys the literature on the return to education and economic growth in China and offers new perspectives and estimations. The return to education has been rising since the reform. While the overall rate of return is still low compared to other countries, young workers and workers in...

Fifteen years of efforts to promote fiscal decentralization in China have failed to promote economic growth in China's provinces. This finding is surprising in the light of arguments that fiscal decentralization usually promotes provincial or local economic growth.Zhang and Zou use data on China...

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...