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Culture and Economic Action

Edited by Laura E. Grube, Mercatus Center Dissertation Fellow, George Mason University and Visiting Instructor, Economics Department , Beloit College and Virgil Henry Storr, Senior Research Fellow and Director of Graduate Student Programs, Mercatus Center and Research Associate Professor of Economics, George Mason University, US
This edited volume, a collection of both theoretical essays and empirical studies, presents an Austrian economics perspective on the role of culture in economic action. The authors illustrate that culture cannot be separated from economic action, but that it is in fact part of all decision-making.
Extent: 480 pp
Hardback Price: $170.00 Web: $153.00
Publication Date: 2015
ISBN: 978 0 85793 172 6
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  • Development Studies
  • Development Economics
  • Development Studies
  • Economics and Finance
  • Austrian Economics
  • Development Economics
Culture has been a relatively understudied subject within economics. Economists who have studied it often conceive culture as a form of capital, treating it as a set of tools or a resource that certain groups possess and other groups do not. Austrian economics, in contrast, is a science of human behavior that is primarily concerned with making sense of meaningful human action. Because of this, Austrian economists are particularly well suited to inject cultural considerations into economic analysis.

This edited volume, a collection of both theoretical essays and empirical studies, presents an Austrian economics perspective on the role of culture in economic action. The authors illustrate that culture cannot be separated from economic action, but that it is in fact part of all decision-making.

Culture and Economic Action is an enlightening cross-disciplinary exploration that will appeal to all scholars in the social sciences, from anthropologists to economists.
Contributors: P.D. Aligica, P.J. Boettke, E. Chamlee-Wright, B. Colon, C.J. Coyne, L.E. Grube, A. John, R. Langrill, D. Lavoie, P.T. Leeson, A. Matei, K.W. O’Donnell, P. Runst, S. Stein, V.H. Storr








Contents:

1. Introduction
Laura E. Grube and Virgil Henry Storr

PART I THEORIZING THE RELATIONSHIP BETWEEN CULTURE AND ECONOMIC ACTIVITY
2. Economists Should Study Culture
Virgil Henry Storr

3. The Discovery and Interpretation of Profit Opportunities: Culture and the Kirznerian Entrepreneur
Don Lavoie

4. The Determinants of Entrepreneurial Alertness and the Characteristics of Successful Entrepreneurs
Virgil Henry Storr and Arielle John

5. Markets as an Extension of Culture
Emily Chamlee-Wright

6. Institutional Stickiness and the New Development Economics
Peter J. Boettke, Christopher J. Coyne and Peter T. Leeson

7. How does Culture Influence Economic Development?
Don Lavoie and Emily Chamlee-Wright

8. Context Matters: The Importance of Time and Place in Economic Narratives
Virgil Henry Storr

9. A Critical Appraisal of the Concept of Cultural Capital
Virgil Henry Storr

10. Culture as a Constitution
Arielle John

11. Weber’s Spirit of Capitalism and the Bahamas’ Junkanoo Ethic
Virgil Henry Storr

PART II UNDERSTANDING ECONOMIC LIFE BY USING CULTURE
12. Pastor Response in Post-Katrina New Orleans: Navigating the Cultural Economic Landscape
Emily Chamlee-Wright

13. National Cultures, Economic Action and the Homogeneity Problem. Insights from the Case of Romania
Paul Dragos Aligica and Aura Matei

14. Between Community and Society: Political Attitudes in Transition Countries
Petrik Runst

15. Subalternity and Entrepreneurship. Tales of Marginalized but Enterprising Characters, Oppressive Settings and Haunting Plots
Virgil Henry Storr and Bridget Colon

16. Indigenous African Institutions and Economic Development
Emily Chamlee-Wright

17. The Role of Culture in the Persistence of Traditional Leadership: Evidence from Kwa-Zulu Natal, South Africa
Laura E. Grube

18. Network Closure, Group Identity and Attitudes toward Merchants
Ryan Langrill and Virgil Henry Storr

19. The Cultural and Political Economy of Drug Prohibition
Kyle W. O’Donnell

20. Cultural and Institutional Co-determination: the Case of Legitimacy in Exchange in Diablo II
Solomon Stein

Index