Human behavior and economic development: culture, psychology and the competitiveness of cities and regions

Robert Huggins and Piers Thompson

Chapter 7 in Towards a Competitive, Sustainable Modern City, 2020, pp 106-146 from Edward Elgar Publishing

Abstract: Huggins and Thompson elaborate the importance of psychocultural behavior and economic competitiveness and development. Behavioral economics highlights the limitations of the rational-choice approach in explaining economic decision-making actions. In this approach they elaborate the role of individual and collective behavior and socio-spatial community culture in determining outcomes. This is far from a static situation since one set of personality patterns and behaviors that were eminently suitable for a blue-collar manufacturing economy are quite inappropriate for the contemporary skill based I-4 economy. In this transition from yesterday to tomorrow, however, a strong work ethic is still important, however, social cohesion is counter-productive as it leads to reduced openness to new ideas and people. Places with high cultural diversity and extraverted individuals have relatively high levels of competitiveness. That is, the tolerance that will be highlighted in the next contribution.

Keywords: Economics and Finance; Environment; Geography; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2020
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