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Values and Norms Matter – On the Basic Determinants of Long-Run Economic Development

Author

Listed:
  • Sang-Min Park

    (Philipps-University Marburg)

  • Stefan Voigt

    (Philipps-University Marburg)

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.

Suggested Citation

  • Sang-Min Park & Stefan Voigt, 2008. "Values and Norms Matter – On the Basic Determinants of Long-Run Economic Development," MAGKS Papers on Economics 200822, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:200822
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    File URL: https://www.uni-marburg.de/en/fb02/research-groups/economics/macroeconomics/research/magks-joint-discussion-papers-in-economics/papers/2008-papers/22-2008_voigt.pdf
    File Function: First version, 2008
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    Citations

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    Cited by:

    1. Czeglédi, Pál, 2009. "A tulajdonjogi biztonság szerepe a technológia elterjedésében [The role of property-law security in the spread of technology]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 790-813.
    2. Stephen Knowles & P. Dorian Owen, 2010. "Which Institutions are Good for Your Health? The Deep Determinants of Comparative Cross-country Health Status," Journal of Development Studies, Taylor & Francis Journals, vol. 46(4), pages 701-723.
    3. Judit Kapas, 2017. "How Cultural Values Affect Economic Growth: A Critical Assessment Of The Literature," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 26(1), pages 265-285, june.

    More about this item

    Keywords

    Institutions; Values and Norms; Democracy; Rule of Law; Culture; Social Capi-tal; Civil Society; Economic Development; Total Factor Productivity;
    All these keywords.

    JEL classification:

    • E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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