(proxied by individual values) interacts with the stickiest formal institutions in development, which leads to a very special …-togetherness" of values and institutions. Besides establishing that both values and sticky formal institutions are strong determinants … of long-run income, I find that the "stuck-togetherness" of values and institutions acts as a separate factor in …

(Islamic) law. These theories take as exogenous the cultural values that complement the prevailing institutions. As a result … institutional environment. In this paper, we address these issues by modeling the joint evolution of institutions and culture. In …