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Article: The Spirit of Capitalism and Stock-Market Prices

TitleThe Spirit of Capitalism and Stock-Market Prices
Authors
Issue Date1996
Citation
American Economic Review, 1996, v. 86, n. 1, p. 133-157 How to Cite?
AbstractIn existing theory, wealth is no more valuable than its implied consumption rewards. In reality investors acquire wealth not just for its implied consumption, but for the resulting social status. Max M. Weber refers to this desire for wealth as the spirit of capitalism. We examine, both analytically and empirically, implications of Weber's hypothesis for consumption, savings, and stock prices. When investors care about relative social status, propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatile. The spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth.
Persistent Identifierhttp://hdl.handle.net/10722/212671
ISSN
2015 Impact Factor: 3.833
2015 SCImago Journal Rankings: 8.048

 

DC FieldValueLanguage
dc.contributor.authorBakshi, Gurdip S.-
dc.contributor.authorChen, Zhiwu-
dc.date.accessioned2015-07-28T04:04:38Z-
dc.date.available2015-07-28T04:04:38Z-
dc.date.issued1996-
dc.identifier.citationAmerican Economic Review, 1996, v. 86, n. 1, p. 133-157-
dc.identifier.issn0002-8282-
dc.identifier.urihttp://hdl.handle.net/10722/212671-
dc.description.abstractIn existing theory, wealth is no more valuable than its implied consumption rewards. In reality investors acquire wealth not just for its implied consumption, but for the resulting social status. Max M. Weber refers to this desire for wealth as the spirit of capitalism. We examine, both analytically and empirically, implications of Weber's hypothesis for consumption, savings, and stock prices. When investors care about relative social status, propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatile. The spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth.-
dc.languageeng-
dc.relation.ispartofAmerican Economic Review-
dc.titleThe Spirit of Capitalism and Stock-Market Prices-
dc.typeArticle-
dc.description.natureLink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0029799404-
dc.identifier.volume86-
dc.identifier.issue1-
dc.identifier.spage133-
dc.identifier.epage157-

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