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Social Class and the Spirit of Capitalism

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Author Info
Matthias Doepke (UCLA and Federal Reserve Bank of Minneapolis,)
Fabrizio Zilibotti (Institute for International Economic Studies,)

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Abstract

One of the key social transformations that accompanied the British Industrial Revolution was the economic decline of the aristocracy. Standard theories of wealth inequality cannot explain why the aristocrats, in spite of their superior wealth and education, failed to be the main protagonists and beneficiaries of industrialization. We discuss recent research based on a model of endogenous preferences that is consistent with the demise of aristocracy. (JEL: 010, 040) Copyright (c) 2005 The European Economic Association.

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Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 3 (2005)
Issue (Month): 2-3 (04/05)
Pages: 516-524
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Handle: RePEc:tpr:jeurec:v:3:y:2005:i:2-3:p:516-524

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  5. Maria Saez-Marti & Fabrizio Zilibotti, 2008. "Preferences as Human Capital: Rational Choice Theories of Endogenous Preferences and Socioeconomic Changes," Finnish Economic Papers, Finnish Economic Association, vol. 21(2), pages 81-94, Autumn. [Downloadable!]
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  12. Ham, Roger & Junankar, Pramod N. (Raja) & Wells, Robert, 2009. "Occupational Choice: Personality Matters," IZA Discussion Papers 4105, Institute for the Study of Labor (IZA). [Downloadable!]
  13. Kiminori Matsuyama, 2005. "Emergent Class Structure," Discussion Papers 1407, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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