Work ethic and economic development: an investigation into Weber's thesis

This paper argues that the capitalist spirit associated with Max Weber’s Protestant Ethics is not associated with Protestantism but with the modernization phase of economic development. A preference for hard work is also found amongst other religions and non-religions people at times of high economic growth and decreases after the modernization phase. We find a robust relationship between the level and growth of economic development during an individual’s childhood and this individual’s work ethic. An epidemiological approach is applied to indicate that the direction of the relationship runs from growth and the level of economic development at the time values areformed, to work ethic. Protestant adherence has a positive relation with work ethic, but this relation is less robust than economic development.