ABSTRACT
Economists, like many other social scientists, in trying to create pure, timeless, and placeless theory often base themselves on the unconscious, unvoiced cultural assumptions of their own society. Effective economic policy needs to be aware of the effect of the ruling culture on how the economy works, how far it poses a set of constraints and the possible set of opportunities it offers. The importance of culture as social human capital can be perceived in observing the different economic results different ethnic and cultural groups achieve in the same or very similar environment. The influence of religion is an important force in forming the culture of people even in the high-income countries and has been a dominant element in some periods and regions. The religious values of a society affect the economy directly. Every corporation evolves a specific culture of its own and this has an important economic effect on how it operates and its impact on the economy.
