Patience Capital, Occupational Choice, and the Spirit of Capitalism
نویسندگان
چکیده
منابع مشابه
Patience Capital, Occupational Choice, and the Spirit of Capitalism∗
We model the decision problem of a parent who chooses an occupation and teaches patience to her children. The two choices are linked by a strategic complementarity: patient individuals choose occupations with a steep income profile; a steep income profile, in turn, leads to a strong incentive to invest in patience. In equilibrium, society becomes stratified along occupational lines. The most pa...
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The British Industrial Revolution triggered a reversal in the social order whereby the landed elite was replaced by industrial capitalists rising from the middle classes as the economically dominant group. Many observers have linked this transformation to the contrast in values between a hard-working and thrifty middle class and an upper class imbued with disdain for work. We propose an economi...
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Although The Interpretation of Dreams was published over a century ago, the integration of psychoanalysis into the broad matrix of modern social and cultural history has barely begun. During his lifetime, Freud’s charisma was so powerful that the historical landscape surrounding him remained in shadows. Only decades after his death did light begin to dawn. The earliest significant attempt to hi...
متن کاملSocial Class and the Spirit of Capitalism∗
The British Industrial Revolution was a time of major socio-economic transformations. We review a number of recent economic theories which analyze the transition from a preindustrial world characterized by high fertility, stationary standards of living, and rigid social hierarchies to modern capitalism. One of the key social transformations that accompanied the Industrial Revolution was the eco...
متن کاملThe Spirit of Capitalism and Excess Smoothness
In a recent paper [Luo, Smith, and Zou (2009)] we showed that the spirit of capitalism could in theory resolve the two fundamental anomalies of modern consumption theory, excess sensitivity and excess smoothness. However, that basic model could not plausibly explain the empirical magnitude of excess smoothness. In this paper we develop two extensions of the model — one with transitory and perma...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.883118