RELIGION AS AN INDEPENDENT VARIABLE. ECONOMETRIC STUDIES OF THE REFORMATION
Economists have become increasingly interested in the role of religion in political and economic processes. A classic example of the relevance of religion is the Reformation. However, disentangling and measuring its effects has proven challenging. The studies discussed in the present article aim to clarify, using statistical methods, the question of the link between Protestantism and economic growth. To do this, the authors of these studies focus on the correlation between the Reformation and human capital growth. Our review of their arguments suggests that the models they construct omit important aspects of the Reformation and thus reveal flaws in the underlying assumption that medieval Christianity was a religious services market. Although important for further exploration of the religious factors of growth, the results of these studies need to be examined carefully using additional data, and it remains unclear if universal mechanisms of religion’s influence on economy exist.