Publication

CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH

Klasing, M. J. & Milionis, P., 2014, In : Economic Inquiry. 52, 2, p. 796-810 15 p.

Research output: Contribution to journalArticleAcademicpeer-review

APA

Klasing, M. J., & Milionis, P. (2014). CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH. Economic Inquiry, 52(2), 796-810. https://doi.org/10.1111/ecin.12067

Author

Klasing, Mariko J. ; Milionis, Petros. / CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH. In: Economic Inquiry. 2014 ; Vol. 52, No. 2. pp. 796-810.

Harvard

Klasing, MJ & Milionis, P 2014, 'CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH', Economic Inquiry, vol. 52, no. 2, pp. 796-810. https://doi.org/10.1111/ecin.12067

Standard

CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH. / Klasing, Mariko J.; Milionis, Petros.

In: Economic Inquiry, Vol. 52, No. 2, 2014, p. 796-810.

Research output: Contribution to journalArticleAcademicpeer-review

Vancouver

Klasing MJ, Milionis P. CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH. Economic Inquiry. 2014;52(2):796-810. https://doi.org/10.1111/ecin.12067


BibTeX

@article{bd7d8289884f430db056dde1fc9d136b,
title = "CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH",
abstract = "To what extent does the cultural composition of a society impose a constraint on its long-run growth potential? We study this question in the context of an innovation-based model of growth where cultural attitudes are endogenously transmitted from one generation to the next. Focusing on attitudes regarding patience, we analyze the two-way interaction between economic growth and the intergenerational transmission of patience. Exploiting this interaction, we compare the long-run growth performance of a culturally heterogeneous society where patience is initially underrepresented in the population with a culturally homogeneous society where all agents are perfectly patient. Our main result is that in the absence of any intrinsic preferences of patient parents to transmit their attitudes to their children, the development paths of the two societies are bound to diverge, with the culturally heterogeneous society experiencing lower growth rates. Yet, if patient parents ceteris paribus prefer their children to be patient like them, we show that the two societies can in the long run grow at the same rate.(JEL D91, E24, O30, O40, Z10)",
keywords = "TIME PREFERENCE, ECONOMIC-DEVELOPMENT, TRANSMISSION, SELECTION, DYNAMICS, IDENTITY, TRUST, PANEL",
author = "Klasing, {Mariko J.} and Petros Milionis",
year = "2014",
doi = "10.1111/ecin.12067",
language = "English",
volume = "52",
pages = "796--810",
journal = "Economic Inquiry",
issn = "0095-2583",
publisher = "Wiley-Blackwell",
number = "2",

}

RIS

TY - JOUR

T1 - CULTURAL CONSTRAINTS ON INNOVATION-BASED GROWTH

AU - Klasing, Mariko J.

AU - Milionis, Petros

PY - 2014

Y1 - 2014

N2 - To what extent does the cultural composition of a society impose a constraint on its long-run growth potential? We study this question in the context of an innovation-based model of growth where cultural attitudes are endogenously transmitted from one generation to the next. Focusing on attitudes regarding patience, we analyze the two-way interaction between economic growth and the intergenerational transmission of patience. Exploiting this interaction, we compare the long-run growth performance of a culturally heterogeneous society where patience is initially underrepresented in the population with a culturally homogeneous society where all agents are perfectly patient. Our main result is that in the absence of any intrinsic preferences of patient parents to transmit their attitudes to their children, the development paths of the two societies are bound to diverge, with the culturally heterogeneous society experiencing lower growth rates. Yet, if patient parents ceteris paribus prefer their children to be patient like them, we show that the two societies can in the long run grow at the same rate.(JEL D91, E24, O30, O40, Z10)

AB - To what extent does the cultural composition of a society impose a constraint on its long-run growth potential? We study this question in the context of an innovation-based model of growth where cultural attitudes are endogenously transmitted from one generation to the next. Focusing on attitudes regarding patience, we analyze the two-way interaction between economic growth and the intergenerational transmission of patience. Exploiting this interaction, we compare the long-run growth performance of a culturally heterogeneous society where patience is initially underrepresented in the population with a culturally homogeneous society where all agents are perfectly patient. Our main result is that in the absence of any intrinsic preferences of patient parents to transmit their attitudes to their children, the development paths of the two societies are bound to diverge, with the culturally heterogeneous society experiencing lower growth rates. Yet, if patient parents ceteris paribus prefer their children to be patient like them, we show that the two societies can in the long run grow at the same rate.(JEL D91, E24, O30, O40, Z10)

KW - TIME PREFERENCE

KW - ECONOMIC-DEVELOPMENT

KW - TRANSMISSION

KW - SELECTION

KW - DYNAMICS

KW - IDENTITY

KW - TRUST

KW - PANEL

U2 - 10.1111/ecin.12067

DO - 10.1111/ecin.12067

M3 - Article

VL - 52

SP - 796

EP - 810

JO - Economic Inquiry

JF - Economic Inquiry

SN - 0095-2583

IS - 2

ER -

ID: 9767289