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On the Psychological Foundations of Economic Development

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  • Odedoyin, Stephen

Abstract

This paper considered theoretical propositions on the psychological mechanism underlying economic growth and development in diverse nations, particularly how it accounts for variations in levels of per capita income across the globe. Descriptive and analytical techniques were employed in eliciting the basic parameters that underlie this psychological mechanism which motivates inevitably productive economic engagements in various countries of the world.

Suggested Citation

  • Odedoyin, Stephen, 2018. "On the Psychological Foundations of Economic Development," MPRA Paper 91504, University Library of Munich, Germany, revised 14 Jan 2019.
    • Handle: RePEc:pra:mprapa:91504
    as

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    File URL: https://mpra.ub.uni-muenchen.de/91504/1/MPRA_paper_91504.pdf
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    References listed on IDEAS

    as
    1. Fehr, Ernst & Falk, Armin, 2002. "Psychological foundations of incentives," European Economic Review, Elsevier, vol. 46(4-5), pages 687-724, May.
    2. Rabin, Matthew, 2002. "A perspective on psychology and economics," European Economic Review, Elsevier, vol. 46(4-5), pages 657-685, May.
    3. Stefano DellaVigna, 2009. "Psychology and Economics: Evidence from the Field," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 315-372, June.
    4. Blundell,Richard & Newey,Whitney K. & Persson,Torsten (ed.), 2006. "Advances in Economics and Econometrics," Cambridge Books, Cambridge University Press, number 9780521871525.
    5. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
    6. Almlund, Mathilde & Duckworth, Angela Lee & Heckman, James & Kautz, Tim, 2011. "Personality Psychology and Economics," Handbook of the Economics of Education, in: Erik Hanushek & Stephen Machin & Ludger Woessmann (ed.), Handbook of the Economics of Education, edition 1, volume 4, chapter 0, pages 1-181, Elsevier.
    7. Blundell,Richard & Newey,Whitney K. & Persson,Torsten (ed.), 2006. "Advances in Economics and Econometrics," Cambridge Books, Cambridge University Press, number 9780521692083.
    8. Roberta Muramatsu & Flavia Avila, 2017. "The behavioral turn in development economics: A tentative account through the lens of economic methodology," Brazilian Journal of Political Economy, Center of Political Economy, vol. 37(2), pages 363-380.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economicollocation; psychological propensities; national pride; self-interest; Psychological image; national psychological capital; economifugal;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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