Culture and Market: A Macroeconomic Tale of Two Institutions
Mausumi Das () and
Additional contact information
Priyanka Arora: Delhi School of Economics
No 307, Working papers from Centre for Development Economics, Delhi School of Economics
In this paper we model endogenous evolution of cultural traits which is mediated through market, and examine its impact on long run economic growth. Historically culture has played an important role in the process of economic development. Yet, economic development itself impacts upon the pre-existing cultural values and beliefs. We interact culture with market and show that such interaction may generate multiple growth trajectories depending on the initial distribution of cultural traits in the economy. In particular, an economy may end up in a culture-induced low growth trap in the long run. We also show that over time, with economic development, culture takes a back seat but its initial influence continues to impact long run outcomes.
JEL-codes: D90 O11 Z13 (search for similar items in EconPapers)
Pages: 28 pages
New Economics Papers: this item is included in nep-cul, nep-evo and nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cde:cdewps:307
Ordering information: This working paper can be ordered from
The price is free.
Access Statistics for this paper
More papers in Working papers from Centre for Development Economics, Delhi School of Economics Delhi 110 007. Contact information at EDIRC.
Bibliographic data for series maintained by Sanjeev Sharma ().