That’s where cultural habits make a big difference. In some places the stupid people follow relatively good heuristics, in some places they follow relatively bad ones.
Culture is important, yes, but that usual argument is that it’s institutions which matter. The most prominent advocate of this approach is probably Daron Acemoglu, see e.g. this or his book.
That’s where cultural habits make a big difference. In some places the stupid people follow relatively good heuristics, in some places they follow relatively bad ones.
Culture is important, yes, but that usual argument is that it’s institutions which matter. The most prominent advocate of this approach is probably Daron Acemoglu, see e.g. this or his book.