Abstract
A clearer understanding of the causal variables of economic development is paramount object of interest for policymakers, researchers and economical analysts. Scholars share the general agreement that economic development is an important tool to alleviate poverty and foster human development. In this study, we explore the role of individualism and intelligence on economic development. These results will show that both individualistic values and national IQs have positive effect on GDP per capita. Moreover, the effect of intelligence appears to be more significant in Latin America.
Highlights
Economic development has played an important role in decision making in academic, political and entrepreneurial scenarios
This study explores the effect of individualism on economic development
In a follow up study, Dickerson (2006) using data from 185 countries shows that the correlation between cognitive abilities and economic development is
Summary
Economic development has played an important role in decision making in academic, political and entrepreneurial scenarios. The influence of cultural factors have been analyzed by various authors and analysts. To begin with this analysis, it is important to mention that there is general agreement that economic development is an important tool to alleviate poverty and foster human development. Despite importance of economic development, it is striking how it differs across developed and developing countries. The highest GDP per capita in the sample is 127,522 USD in Qatar and the lowest is 698 USD in Central African Republic (CAR). Outlier countries such as Qatar, Luxemburg, Macao, CAR, Burundi and others, GDP per capita differs significantly
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