ABSTRACT
Why are some societies better able to use their natural endowments of resources? Why do some readily embrace growth-friendly institutions and others resist them? We will claim that one of the most important elements in economic development is something that sounds thoroughly subjective: the culture. If there is a spirit of enterprise, a set of stories or images in the culture that celebrate some form of entrepreneurial creativity, then economic prosperity is more likely. If you want to get a sense of whether a community is apt to grow wealthier, we are suggesting you find out what stories they tell, what myths they believe, what heroes they admire, what metaphors they use. Economic development is, at its heart, a cultural process.
