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Title:Values and norms matter: on the basic determinants of long-run economic development PDF Logo
Authors:Voigt, Stefan
Park, Sang-Min
Issue Date:2008
Series/Report no.:Joint discussion paper series in economics 2008,22
Abstract:Over the last couple of decades, it has become a commonplace to claim that institutions matter” for economic development. Yet, institutions are not exogenous but the result of hu-man action. It is argued here that the values and norms held by substantial parts of society’s members are an important determinant of its institutions. It is further argued that values and norms have both a direct and an indirect effect on economic development: the direct effect materializes because the values and norms also contain the work ethic which, if transformed into behavior, should have direct consequences on economic development. The indirect effect is conjectured to work via the relevant institutions: if institutions are important for economic development and institutions are influenced by the values and norms, then this is a more indi-rect channel through which values and norms can display their impact.
Subjects:Institutions
Values and Norms
Democracy
Rule of Law
Culture
Social Capital
Civil Society
Economic Development
Total Factor Productivity
JEL:O43
E19
E66
O11
O12
O17
Z13
Document Type:Working Paper
Appears in Collections:MAGKS Joint Discussion Paper Series in Economics, Universität Marburg

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