PEORIA MAGAZINE October 2023

ECON CORNER

An Interview with Yafei Guo, a PhD candidate in marketing at Gies College of Business, University of Illinois Urbana-Champaign

INTERVIEW BY MIKE BAILEY

ILLUSTRATION BY SCOTTT SHEPLER

W elcome to Peoria Maga zine ’s Econ Corner, a re curring feature in which we pose questions to experts about various economic is sues and how they affect our lives and careers here in central Illinois. Our guest this month is Yafei Guo , a PhD candidate in marketing at Gies Col lege of Business, University of Illinois Urbana-Champaign. As a consumer identity researcher, his work focuses mainly on how to leverage salient consumer identities (i.e. religion, race and political ide ology) to address societally relevant issues, including sustainability, social activism and health care decisions.

Peoria Magazine (PM): Is there any evidence of a relationship between re ligious beliefs and economic behaviors? If so, how so? Yafei Guo (YG): Yes, there is a body of research that suggests a relationship between religious beliefs and economic behaviors, although the exact nature of this relationship can be complex and varied depending on multiple factors like culture, the specific religion in question, and the type of economic behavior being considered. One of the most famous theories in this area is Max Weber’s notion that Protestantism, or Protestant work ethic, helped to promote the rise of capitalism. According to Weber, beliefs in predesti

nation and the “calling” led Protestants to engage in hard work and accumulate wealth as a sign of divine favor, although they were discouraged from spending that wealth on frivolous things, promot ing capital accumulation. Research suggests that religious indi viduals, particularly those who actively participate in religious communities, tend to be more trusting and coopera tive. This trust can extend to economic transactions and promote trade, both locally and internationally. In some mod ern Christian movements, particularly in the United States, there is a belief that wealth is a sign of God’s favor, which could potentially encourage risk-taking and entrepreneurial ventures.

86 OCTOBER 2023 PEORIA MAGAZINE