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culture and economics

Raquel Fernández
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Modern neoclassical economics has, until recently, ignored the potential role of culture in explaining variation in economic outcomes, largely because of the difficulty in rigorously separating the effects of culture from those of institutions and traditional economic variables. This article selectively reviews some recent attempts to empirically identify the effects of culture on economic outcomes and to answer the question, ‘does culture matter and, if so, how much?’ Open theoretical and empirical questions are discussed, including the relationship between culture and institutions.
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How to cite this article

Fernández, Raquel. "culture and economics." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 18 January 2018 <http://www.dictionaryofeconomics.com/article?id=pde2008_E000282> doi:10.1057/9780230226203.0346

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