Advances in Austrian Economics is a research annual whose editorial policy is to publish original research articles on Austrian economics. Each volume attempts to apply the insights of Austrian economics and related approaches to topics that are of current interest in economics and cognate...

1. Introduction -- 2. Economists should study culture -- 3. But economists often misunderstand the relationship between culture and markets -- 4. Economists ought to be looking at the spirits that animate markets -- 5. This does not mean that economists have to abandon economics.

This paper argues that in order to understand West Indian economic underdevelopment, the saliency of the informal institutions that emerged during its colonial period and the effect these institutions have had on the emergence of a local entrepreneurial class can not be discounted. British...

Purpose: This paper aims to highlight the possibility that the same cultural and/or institutional environment can differentially affect each of the two moments of entrepreneurship – opportunity identification and opportunity exploitation. It is possible that the cultural and institutional...