By Panagiotis E. Petrakis (auth.)
It is a familiar trust that the cultural history inhered in a society impacts the necessities of monetary improvement. This courting calls for theoretical and empirical justification. the current publication presents this including an research of the advance of cultural heritage itself. Cultural history is embodied in political associations, in transactions, wisdom, incentives, in social capital, even within the tangibles of the economic climate. hence, financial improvement is formed and the speed of development is affected. Conversely, financial improvement impacts cultural historical past. whilst this interplay occurs at a non-developmental cultural historical past point, that is linked to low development charges, then a development catch is shaped. inside of this sort of development capture, monetary coverage (public and fiscal) is comparatively deactivated and the stipulations influencing the switch in cultural historical past and its timing are of basic importance.
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Additional info for Culture, Growth and Economic Policy
During the seventeenth and eighteenth centuries, the term was expanded to express the development of not only humans at an individual level but also that of society as a whole. At the same time, attempts were made to include a set of social rules and standards. Therefore, culture, history and economic theory attempted to investigate and understand the differences between societies at a development level. Adam Smith, the father of economic science, saw a relationship between culture and economy, and more particularly with economic history.
Hence, it is used to define the identity of individuals themselves. This approach establishes the basic process that shapes cultural background— the process of its activation. Activation in terms of shared knowledge includes availability, accessibility and applicability. Availability refers to the situation in which particular knowledge is presented to an individual’s cognition system. One example is supernatural superstitions, where some people “invest” and others do not. It should be noted that accessibility of shared knowledge is considered a given fact, as there are knowledge sums that may be temporarily available.
6 refers to the relationship between cultural background and the post-Keynesian/institutional model. Finally, Sect. 7 focuses on the theory of rational expectations. 1 “Culture” in Economic Theory The study of the relationship between culture and economic science constitutes a study of two different aspects of economic system (De Jong 2009) because since the late nineteenth century there have been at least two dominant economic paths. On the one hand, we have “marginal analysis” to make personal decisions and to maximize benefits; on the other hand, there is traditional economic science, which studies economies based on aspects of society, and incorporates production, consumption and the distribution of goods and services.