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We construct a model of revolution and transition to democracy under individualistic and collectivist cultures. The main result is that, despite facing potentially larger collective action problems, countries with an individualistic culture are more likely to end up adopting democracy earlier...
Persistent link: https://www.econbiz.de/10013023685
disparate traditions. I make the case for unity between Post-Keynesian and General Equilibrium Theory under the banner of Post …-Keynesian Dynamic Stochastic General Equilibrium Theory …
Persistent link: https://www.econbiz.de/10012964394
Fifty years ago, the Chicago School argued that flexible exchange rates would insulate employment from foreign economic disturbances: there is no need for policy coordination; flexible exchange rates suffice. Twenty five years later, the Bretton Woods system was gone, and the first generation of...
Persistent link: https://www.econbiz.de/10013311185
The United States aspires to use information from comparative effectiveness research (CER) to reduce waste and contain costs without instituting a formal rationing mechanism or compromising patient or physician autonomy with regard to treatment choices. With such ambitious goals, traditional...
Persistent link: https://www.econbiz.de/10013068360
We construct an endogenous growth model that includes a cultural variable along the dimension of individualism …-collectivism. The model predicts that more individualism leads to more innovation because of the social rewards associated with …. Collectivism leads to efficiency gains relative to individualism, but these gains are static, unlike the dynamic effect of …
Persistent link: https://www.econbiz.de/10013069257
Rugged individualism—the combination of individualism and anti-statism—is a prominent feature of American culture with … deep roots in the country's history of frontier settlement. Today, rugged individualism is more prevalent in counties with … greater total frontier experience (TFE) during the era of westward expansion. While individualism may be conducive to …
Persistent link: https://www.econbiz.de/10012823758
The functioning and well-being of any society and organization critically hinges on norms of cooperation that regulate social activities. Empirical evidence on how such norms emerge and in which environments they thrive remains a clear void in the literature. To provide an initial set of...
Persistent link: https://www.econbiz.de/10013052112
Jackson Turner famously argued that the American frontier fostered individualism. We investigate the Frontier Thesis and … demographics and greater individualism. Long after the closing of the frontier, counties with greater TFE exhibit more pervasive … individualism and opposition to redistribution. This pattern cuts across known divides in the U.S., including urban–rural and north …
Persistent link: https://www.econbiz.de/10013218964
We study the correlation between a belief concerning individualism and a measure of luck in the US during the period … individualism. We provide three short models that help interpret this correlation. One implication of this finding is that societies …
Persistent link: https://www.econbiz.de/10012753262
Standard models of aggregate demand treat money and credit asymmetrically; money is given a special status, while loans, bonds, and other debt instruments are lumped together in a "bond market" and suppressed by Walras' Law. This makes bank liabilities central to the monetary transmission...
Persistent link: https://www.econbiz.de/10013224875