Wealth and the capitalist spirit

被引：21
作者：
Francis, J. L.
机构：
[1] Department of Economics, Fordham University, Bronx, NY 10458, E-507 Dealy Hall
来源：
JOURNAL OF MACROECONOMICS | 2009年 / 31卷 / 03期
关键词：
Capitalist spirit; Life cycle; Wealth inequality;
D O I：
10.1016/j.jmacro.2008.10.007
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The wealth distribution in the U.S. is more unequal than either the income or earnings distribution, a fact current models of saving behavior have difficulty explaining. Using Max Weber's [Weber, M. (1905). The Protestant Ethic and the Spirit of Capitalism. Charles Scribners' and Sons (1958 translated edition)] idea that individuals may have a 'capitalist spirit', I construct and simulate a model where individuals accumulate wealth for its own sake rather than as deferred consumption. Including capitalist spirit preferences in a simple life cycle model, with no other modifications, generates a skewness of wealth consistent with that observed in the U.S. economy. Furthermore, capitalist spirit preferences provide a way to generate decreasing risk aversion with increases in wealth without resorting to idiosyncratic rates of time preference. © 2008 Elsevier Inc. All rights reserved.
引用
收藏
页码：394 / 408
页数：15
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