GUAGUI/FOTOLIA
Culture is an elusive concept, but the idea that it can have a substantial impact on economic outcomes is rapidly gaining acceptance among economists. These outcomes include productivity, income, innovation and levels of financial development.
To establish such links we first need to be clear on what we mean by ‘culture’. Second, we have to identify one or more mechanisms through which culture might have an effect on economic outcomes and, finally, these ideas have to be confirmed by empirical testing. In this article, I will discuss each of these points with particular emphasis on recent empirical research.
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