The U.S. Folklore, Proverbs, and Economic Behavior

Abstract

ABSTRACT. Social scientists strongly believe that cultural values and norms motivate, guide, and influence behavior of each and every society. However, studying relationship between and behavior, notably economic behavior, is not very popular in literature, mainly because of vague and broad definition of culture. Thereby this paper provides narrow definition of as the set of beliefs and values that are often revealed in folklore of country, where proverbs are most concise form of verbal folklore Using this definition, paper attempts to relate several types of economic behaviors such as intertemporal choice of consumption, investment, risk taking, work and education, to set of popular sayings, idioms and proverbs that are circulated in American society. The paper finds that observed economic behavior in U.S. is influenced to an extent by American proverbs and sayings.Keywords: Culture, Proverbs, Popular sayings, Economic behavior.IntroductionThere is consensus among social scientists that cultural norms and values operating in given community or society influence behavior of members of this community or society. What is considered rude and totally unacceptable in certain cultures might be considered acceptable and desired behavior in others. In recent years, advanced techniques and availability of data have made it possible to identify systematic differences in people's preferences and beliefs and to relate them to various measures of cultural legacy. Guiso et al. (2006) point out that economic researchers have been reluctant in relating cultural norms to economic behavior, since notion culture is very broad and channels through which it might influence economic discourse are still so vague.Establishing relationship between and economic behavior, thus, needs specific and narrow definition of culture. Meriam Webster states that is the integrated pattern of human knowledge, beliefs, and values that depends upon capacity for learning and transmitting knowledge to succeeding generations. This definition points out that people's behavior is primarily influenced by set of beliefs and values that are often revealed in folklore of each and every culture. Mieder (2008), widely recognized world's leading paremiologist, argues that proverbs are most concise form of verbal folklore genres. They are product of several cultural observations and experiences that proved to be wise and sound, and their main aim is to reveal message passed along from one generation to another. He defines proverbs as a concise statement of an apparent truth which has currency among people. Whiting (1994) has quoted Apstolius in defining proverbial saying as a statement which conceals clear in unclear, or which through concrete images indicates intellectual concepts, or which makes clear truth in furtive fashion. And further in this fashion, proverb is a trite phrase constantly used in popular speech or saying that has become thoroughly habitual in our daily customs and life. In short, proverbs are popular sayings which contain advice or state generally accepted truth. They deal with issues that border on values, norms, institutions, and artifacts of society across whole gamut of people's experience. They are used to support arguments, to provide lessons and instruction, and to stress shared values (Mieder, 2008).Lau et al. (2004) argue that since proverbs are said to be both linguistic items (possessing concrete elements of verbal and logical structure) and behavioral (possessing motives, strategies, and outcomes), it is then imperative to discuss not only what they are in linguistic and structural senses but also how proverbs can influence or reflect social behavior of society. Paredes (1997) has implicitly supports Lau's et al. …