Social Culture and Economic Performance
The connection between obtaining higher paying jobs and undertaking some seemingly irrelevant activity is interpreted as "social culture." In the context of a society trying to adopt a new technology, I show that by allowing the firms to give preferential treatment to workers based on some "cultural activity," the society can partially overcome an informational free-riding problem. Therefore, social culture may affect the economic performance by altering the effective production technology of the economy.
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Volume (Year): 91 (2001)
Issue (Month): 4 (September)
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