81665305_Culture_and_Economic_Development - 1 Culture and Economic Development Name Course Institution Date 2 Abstract The relation between culture and

81665305_Culture_and_Economic_Development - 1 Culture and...

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1 Culture and Economic Development Name Course Institution Date
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2 Abstract The relation between culture and economic development has been in focus for extended periods. As discussed, culture affects the economic process using the several choices that individuals make on how to distribute limited resources. While culture is a basic factor in economic process, it is useful in the proximate factors like acquisition of capital, use of technology, or labor processes. The paper shall focus on the conceptualization and evaluation of the impact of culture on the economic progress of the African nations. It shifts from the awareness that culture is the main element of economic process. A cultural-based economic progress is among those that are connect the symbolic and creative factors into the economy, going after innovation and higher sense of relation between the locals and social awareness as well as globalizing the markets
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3 Culture and Economic Development Introduction Culture is a term that has offered a wide range of importance in the modern setup. Economists on the other hand do not agree with several cultural aspects and hence do not include it as a time that is precise. On the other hand, culture is not able to completely account for the model they attempt to define. This has made several economists to be unwilling to accept culture as a residual element in their definitions. This residual role can be used to define its role in economic progress. Hence, there is little doubt that culture can incorporate economic growth, a notable gap in economic literature. This paper looks to fill this gap with reference to Africa and notes that these factors arise from a wide range of social science setting, however, the most notable issues arise from the economic past (Kelley, and Amorόs, 2010, 45). There is no accident, as the sociologists and anthropologists have tried to create a connection between culture and economic progress, it has led to the extensive use of culture. Culture and Economic Growth To make a clear understanding of what culture is, it has been described as a shared value and belief. Its benefits aligns to how the term as applied in sociology and anthropology. It also is used as an element that supports economic theory of rational decision making (Lugosi, et al. 2010, 3123). The tendency of the rational economic agent is defined by the goal one goes after. The goal may link to the person’s living status, the family life or the general wellbeing. Economic experts define this goal to be the utility role which the agent applies. Most of the economists are of the opinion that the agent’s goals are self-intended (Pinillos and Reyes 2011, 36). This restriction is not necessary for the theory, though when assessing culture from the
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4 economic point of view of human motivation, it is necessary to be aware that the rational agent will look to have their legitimate values.
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