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National Values and Economic Growth

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  • Frederic L. Pryor

Abstract

Using data on economic values and attitudes for various nations from the World Value Study, I show that the strength of values associated with market success does not appear to have a significant impact on the rate of economic growth in a sample of developing and developed market economies. I also show that such values do not seem related to the economic system and have an ambiguous relation to the overall level of economic development. These negative results suggest that, contrary to common belief, knowledge about such values does not seem very useful in helping us understand economic growth or differences in levels of economic development or economic systems in various countries.

Suggested Citation

  • Frederic L. Pryor, 2005. "National Values and Economic Growth," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(2), pages 451-483, April.
    • Handle: RePEc:bla:ajecsc:v:64:y:2005:i:2:p:451-483
    DOI: 10.1111/j.1536-7150.2005.00375.x
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    1. World Bank, 2002. "World Development Indicators 2002," World Bank Publications - Books, The World Bank Group, number 13921.
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    Cited by:

    1. Ibrahim D. Raheem & Kazeem B. Ajide & Xuan V. Vo, 2021. "The hype of social capital in the finance‐growth nexus," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 50(3), November.
    2. Roxana Mihet, 2013. "Effects of culture on firm risk-taking: a cross-country and cross-industry analysis," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 37(1), pages 109-151, February.
    3. Sjoerd Beugelsdijk & Roger Smeets, 2008. "Entrepreneurial Culture and Economic Growth: Revisiting McClelland's Thesis," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 915-939, November.
    4. Frederic L. Pryor, 2007. "Culture and Economic Systems," American Journal of Economics and Sociology, Wiley Blackwell, vol. 66(4), pages 817-855, October.
    5. Roehlano M. Briones, 2009. "Asia's Underachiever : Deep Constraints in Philippine Economic Growth," Development Economics Working Papers 22618, East Asian Bureau of Economic Research.
    6. André van Hoorn & Robbert Maseland, 2010. "Cultural Differences Between East and West Germany After 1991: Communist Values vs. Economic Performance?," Post-Print hal-00911822, HAL.
    7. van Hoorn, André & Maseland, Robbert, 2010. "Cultural differences between East and West Germany after 1991: Communist values versus economic performance?," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 791-804, December.
    8. Petrakis, Panagiotis & Kostis, Pantelis, 2013. "Economic growth and cultural change," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 147-157.
    9. Marion Payen & Patrick Rondé, 2020. "Culture, Institutions and Economic Growth," Working Papers of BETA 2020-18, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

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