Why do some societies fail to adopt more efficient institutions in response to changing economic conditions? And why do … institutions. When new technologies emerge, uncertainty results from a lack of understanding how the technology will fit with … prevailing ideologies and institutions. This uncertainty discourages investment in institutions and the cultural capital …

productivity, cultural beliefs and institutions. In our model, production shocks that benefit one sector of the economy may induce …Why do some societies fail to adopt more efficient political and economic institutions in response to changing economic … interests. This investment results in more agents generating cultural beliefs complementary to the provision of the traditional …