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Values and Norms Matter – On the Basic Determinants of Long-Run Economic Development
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 human action. It is argued here that the values and norms held by substantial parts of society’s members are an importan...
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| Published in: | MAGKS - Joint Discussion Paper Series in Economics (Band 22-2008) |
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| Main Authors: | , |
| Format: | Work |
| Language: | English |
| Published: |
Philipps-Universität Marburg
2008
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| Subjects: | |
| Online Access: | PDF Full Text |
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| Summary: | 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 human
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 indirect
channel through which values and norms can display their impact. |
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| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2023.0209 |