Culture, Growth and Economic Policy

Culture, Growth and Economic Policy
Author :
Publisher : Springer Science & Business Media
Total Pages : 233
Release :
ISBN-10 : 9783642414404
ISBN-13 : 3642414400
Rating : 4/5 (400 Downloads)

Book Synopsis Culture, Growth and Economic Policy by : Panagiotis E. Petrakis

Download or read book Culture, Growth and Economic Policy written by Panagiotis E. Petrakis and published by Springer Science & Business Media. This book was released on 2014-02-17 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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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