The Devil Made Me Properous

In the BostonGlobe is an article [found at http://www.boston.com/bostonglobe/ideas/articles/2009/11/15/the_curious_economic_effects_of_religion/?page=full] linking religious belief and, most particularly, a belief in hell to developing economies. Quoting from the article by Michael Fitzgerald,
Among the most provocative findings have come from Robert Barro, a renowned economist at Harvard, and his wife, Rachel McCleary, a researcher at Harvard’s Taubman Center. McCleary, the daughter of a Methodist missionary, felt that she had seen religion change people’s economic behavior, and wondered why economists didn’t look at it as a potential factor in economic development. Barro found the idea intriguing.

The two collected data from 59 countries where a majority of the population followed one of the four major religions, Christianity, Islam, Hinduism, or Buddhism. They ran this data - which covered slices of years from 1981 to 2000, measuring things like levels of belief in God, afterlife beliefs, and worship attendance - through statistical models. Their results show a strong correlation between economic growth and certain shifts in beliefs, though only in developing countries. Most strikingly, if belief in hell jumps up sharply while actual church attendance stays flat, it correlates with economic growth. Belief in heaven also has a similar effect, though less pronounced. Mere belief in God has no effect one way or the other. Meanwhile, if church attendance actually rises, it slows growth in developing economies.

There is, of course, a classic book by Max Weber entitled The Prostestant Ethic and the Spirit of Capitalism in which he relates the work ethic of Calvinistic influenced Protestant Christianity on the work ethic of the people. Simplistically speaking, it was the "work harder to win favor argument."

So, do you think that being a follower of Calvin, or a believer in God, or a fearer of hellfire and damnation makes any difference in economic success?