Cultural Orientations and Economic Outcomes

Abstract

In this introduction, the authors discuss the limitations that arise when economic failures like youth unemployment are perceived and studied as simply a market supply or demand problem. Rather than the result of poor choices, poor information, or market distortions, a growing body of evidence has indicated that cultural value orientation may influence economic preferences in a fashion captured by the Bourdieu paradox: while an economic calculation lies behind every action, every action cannot be reduced to an economic calculation. To address this paradox and its economic implication, the authors set out to answer three questions: (a) Do some national cultures hold on to value orientations that are more successful than others in promoting economic opportunity? (b) Does the transmission of these value orientations demonstrate stability, regardless of economic conditions? and (c) Do value orientations exert their influence on economic behaviors through stated preferences?