Patience Capital, Occupational Choice, and the Spirit of Capitalism Export

@article{citeulike:5960868, abstract = {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 patient people are those in occupations requiring the most education and experience. The theory can account for the socio-economic transformation that characterized the British Industrial Revolution, when a new class of entrepreneurs rising from the middle classes and imbued with an ethics emphasizing patience and savings proved most capable of profiting from new economic opportunities, and eventually surpassed the pre-industrial elite.}, author = {Doepke, Matthias and Zilibotti, Fabrizio}, citeulike-article-id = {5960868}, citeulike-linkout-0 = {http://ssrn.com/abstract=883118}, citeulike-linkout-1 = {http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID883118_code279753.pdf?abstractid=883118&mirid=1}, day = {17}, journal = {Social Science Research Network Working Paper Series}, keywords = {capitalism, liberalism, politics}, month = {February}, posted-at = {2009-10-18 00:00:27}, priority = {2}, publisher = {SSRN}, title = {Patience Capital, Occupational Choice, and the Spirit of Capitalism}, url = {http://ssrn.com/abstract=883118}, year = {2006} }

TY - JOUR ID - citeulike:5960868 L3 - citeulike-article-id:5960868 N2 - 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 patient people are those in occupations requiring the most education and experience. The theory can account for the socio-economic transformation that characterized the British Industrial Revolution, when a new class of entrepreneurs rising from the middle classes and imbued with an ethics emphasizing patience and savings proved most capable of profiting from new economic opportunities, and eventually surpassed the pre-industrial elite. JF - Social Science Research Network Working Paper Series TI - Patience Capital, Occupational Choice, and the Spirit of Capitalism PB - SSRN KW - capitalism KW - liberalism KW - politics AU - Doepke, Matthias AU - Zilibotti, Fabrizio PY - 2006/February/17/ UR - http://ssrn.com/abstract=883118 ER -