The analysis of the determinants of religiosity allows us to construct a set of
instrumental variables to use to estimate the effects of religion on economic growth. The
results show that, for given religious beliefs, increases in church attendance tend to
reduce economic growth. In contrast, for given church attendance, increases in some
religious beliefs—notably in hell, heaven, and an after-life—tend to increase economic
growth. There is also some indication that the stick represented by the fear of hell is
more potent for growth than the carrot from the prospect of heaven.