Culture, Growth and Economic Policy

Business & Finance, Economics, Economic Development, Nonfiction, Social & Cultural Studies, Social Science, Sociology
Cover of the book Culture, Growth and Economic Policy by Panagiotis E. Petrakis, Springer Berlin Heidelberg
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Author: Panagiotis E. Petrakis ISBN: 9783642414404
Publisher: Springer Berlin Heidelberg Publication: February 17, 2014
Imprint: Springer Language: English
Author: Panagiotis E. Petrakis
ISBN: 9783642414404
Publisher: Springer Berlin Heidelberg
Publication: February 17, 2014
Imprint: Springer
Language: English

It is a wide-spread belief that the cultural background inhered in a society affects the requirements of economic development. This relationship requires theoretical and empirical justification. The present book provides this together with an analysis of the development of cultural background itself. Cultural background is embodied in political institutions, in transactions, knowledge, incentives, in social capital, even in the tangibles of the economy. Thus, economic development is shaped and the rate of growth is affected. Conversely, economic development affects cultural background. When this interaction takes place at a non-developmental cultural background level, which is associated with low growth rates, then a growth trap is formed. Within such a growth trap, economic policy (public and monetary) is relatively deactivated and the conditions influencing the change in cultural background and its timing are of primary importance.

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It is a wide-spread belief that the cultural background inhered in a society affects the requirements of economic development. This relationship requires theoretical and empirical justification. The present book provides this together with an analysis of the development of cultural background itself. Cultural background is embodied in political institutions, in transactions, knowledge, incentives, in social capital, even in the tangibles of the economy. Thus, economic development is shaped and the rate of growth is affected. Conversely, economic development affects cultural background. When this interaction takes place at a non-developmental cultural background level, which is associated with low growth rates, then a growth trap is formed. Within such a growth trap, economic policy (public and monetary) is relatively deactivated and the conditions influencing the change in cultural background and its timing are of primary importance.

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