The Protestant work ethic

From the Telegraph:

Has a young Harvard graduate student in economics dealt a deadly blow to Max Weber’s theory that Protestantism favours economic development? Davide Cantoni has just produced a brilliantly argued paper which takes economic data from Catholic and Protestant cities in Germany from 1300 to 1900, subjects them to meticulous multivariate analysis, and finds no evidence that Protestantism per se made people richer.

the whole paper is available in pdf format here.