In this paper, we will show that the capitalist-spirit approach to economic growth has been developed by Adam Smith, Karl Marx, Max Weber and John Maynard Keynes and many others. It can be demonstrated that countries with different degree of the capitalist spirit will have different per capita...

While this paper emphasizes the analytical ambiguity of the relationship between savings and income inequality, the empirical examination renders weak support for a negative association between them. However, this relationship is not very robust. Subsamples of OECD countries and Asian countries...

While this paper emphasizes the analytical ambiguity of the relationship between savings and income inequality, the empirical examination renders weak support for a negative association between them. However, this relationship is not very robust. Subsamples of OECD countries and Asian countries...

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...