Cultural Issues In Economics

This article has been written with the purpose of attracting attention to the cultural issues, or rather lack of them, in economics. This topic has not been taken frequently into theoretical considerations due to some difficulties, although its practical implications are of great importance. The meaning of institutions which are a part of cultures has been given more coverage in the literature. The following hypothesis is proposed: culture is an important but underestimated component of the economics theory. Although present in consciousness of some classics it should be incorporated to the theory to a bigger degree. The author makes use of the present literature in order to point out the relevant relationships. The problem with the definitions of the word “culture” with respect to economics best-fitting variants is covered. Also, the relation of the problem issue with the science of economics is shown via the presence in thought of the first economists. Moreover, the relation of cultures with institutions is discussed as well as cultural dimensions. The author pays attention to the meaning of cultures in economic development, consumer behavior, international marketing, and business contacts.