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'The spirit of capitalism' and long-run growth

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  • Zou, Heng-fu

Abstract

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 consumption, per capita capital stock and different endogenous growth rates in the long run. This capitalist spirit model is also widely supported by many empirical and historical studies on cultural attributes and economic development.

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Bibliographic Info

Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 10 (1994)
Issue (Month): 2 (July)
Pages: 279-293

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Handle: RePEc:eee:poleco:v:10:y:1994:i:2:p:279-293

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Web page: http://www.elsevier.com/locate/inca/505544

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  1. Barro, Robert J., 1990. "Government Spending in a Simple Model of Endogeneous Growth," Scholarly Articles 3451296, Harvard University Department of Economics.
  2. Heng-fu Zou, 1995. "'The spirit of capitalism' and long-run growth," CEMA Working Papers 94, China Economics and Management Academy, Central University of Finance and Economics.
  3. Heng-fu Zou, 1995. "The spirit of capitalism and savings behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 28(1), pages 131-143, September.
  4. Larry E. Jones & Rodolfo Manuelli, 1990. "A Convex Model of Equilibrium Growth," NBER Working Papers 3241, National Bureau of Economic Research, Inc.
  5. J. Bradford De Long, . "Productivity Growth, Convergence, and Welfare: Comment," J. Bradford De Long's Working Papers _129, University of California at Berkeley, Economics Department.
  6. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
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