| Popis: |
In this paper, the relationships between individual income and ethics formation are studied. Our theoretical model explains what happens to individual incomes when a culture encourages people to devote life-time efforts to establish a virtuous character. Two propositions emerged from the present study. Firstly, if there exists a channel from effforts to income via ethics, individual income begins to increase and reaches a peak as more and more time is devoted to ethics formation. Additional time after the peak becomes detrimental to the individual income. Secondly, time for ethics formation becomes economically useless when the channel from efforts to income via ethics dissolves. Our simulations and econometric findings support the theoretical explanations. |
