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The author contrasts two different types of explanation for entrepreneurship -- institutional or cultural. "Institutional" means that the country has instituti
by QuesnayJr 7y ago
The 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).