The Spirit of Capitalism and Stock-Market Prices.

Article, Preprint OPEN
Gurdip S. Bakshi; Zhiwu Chen;
(1996)
  • Journal: American Economic Review, volume 86, issue 1 March, pages 133-57
  • Subject:
    • jel: jel:G1 | jel:G12 | jel:G10

In 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 (1958) refers to this desire for wealth as the spirit of capi... View more
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