15 Questions
According to Max Weber, what role does culture play in social sciences theories?
It plays a fundamental role in social sciences theories
What did Calvinism doctrine emphasize, according to Max Weber?
Ascetism and frugal life
What does Schwartz's concept of 'Embeddedness' refer to?
High degree of respect for tradition and security
According to Ronald Inglehart's research, what did 250,000 respondents worldwide provide responses to?
1,000 questions on cultural values
Why have economists been reluctant to embrace cultural explanations, according to the text?
Cultural explanations do not contribute to understanding development and economics
According to the Lewis model, what is a key difference between the subsistence sector and the modern sector?
The likelihood of capital accumulation
In the classical phase of economic development, what happens to wages as surplus labor moves into the capitalist sector?
Wages remain stagnant
What characterizes the neoclassical phase of economic development according to the text?
Wages are set by marginal product and begin to trend upward
What concept explains the shift of economic distribution from agriculture to industries as economies became more modern?
Structural transformation
According to the text, what is a key difference between the subsistence sector and the modern sector?
Marginal product of labor
In the Lewis model, what is the key difference between the marginal product of labor in the subsistence sector and the modern sector?
The marginal product of labor is relatively low in the subsistence sector but higher in the modern sector.
According to the Lewis model, what characterizes the classical phase of economic development?
Surplus labor moves into the capitalist sector as capital stock accumulates, driving economic growth, while wages remain stagnant due to surplus labor.
What is one of the key differences between the neoclassical phase and the classical phase of economic development?
In the neoclassical phase, surplus labor is finally exhausted and the subsistence sector merges into the capitalist sector, leading to an upward trend in wages.
What role does capital accumulation play in the Lewis model's explanation of structural transformation?
Capital accumulation drives economic growth and the shift of economic distribution from agriculture to industries.
According to the text, what characterizes the shift from the subsistence sector to the capitalist sector in terms of wages during the classical phase of economic development?
Wages remain stagnant as long as a significant pool of surplus labor remains.
Test your knowledge about the role of culture in economic development and social sciences theories, including Max Weber's 'The Protestant Ethic and the Spirit of Capitalism.' Explore the influence of people’s values, beliefs, and social norms on economic development.
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