TOWARD A PSYCHOLOGICAL THEORY OF ECONOMIC GROWTH

Abstract

A theoretical framework is outlined that links variables of the physical, sociocultural, and economic environment with psychological variables and the latter with economic growth. The predictability and ease of extraction of resources, the extent to which there is planning, concern with time, for the future, willingness to defer gratification, accuracy of keeping appointments, assembling of many elements into coordinated systems, interpersonal trust, eagerness to cooperate with others, small power distance, moderate risk taking, and emphasis on self‐control and hard work are linked to economic growth.