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

  • Sang-Min Park

    ()

    (Philipps-University Marburg)

  • Stefan Voigt

    ()

    (Philipps-University Marburg)

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.

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File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/22-2008_voigt.pdf
File Function: First version, 2008
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Paper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series MAGKS Papers on Economics with number 200822.

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Length: 40 pages
Date of creation: 2008
Date of revision:
Publication status: Forthcoming in
Handle: RePEc:mar:magkse:200822
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