3 ms·
Could somebody explain the conclusions in laymans terms?
by matthewfelgate 7y ago
Could somebody explain the conclusions in laymans terms?
- QuesnayJr 7y agoThe author contrasts two different types of explanation for entrepreneurship -- institutional or cultural. "Institutional" means that the country has institutions that make entrepreneurship easy. The author argues that these are not sufficient, and that the key difference is social norms.
- pnako 7y agoOliver Williamson and the "New Institutional Economics" school came up with a four-layer model explaining that real-time/day-to-day economic activity is influenced by contracts (time frame: months to years) which in turn are influenced by institutions, laws, etc. (time frame: years to decades) which in turn are influenced by things like culture and religion (time frame: centuries).