Abstract
Power distance and uncertainty avoidance are two key cultural dimensions strongly interrelated with economic growth. The role of time has attracted interest because thinking about future actions constitutes a basic feature of human thought. From an individual’s perspective, future orientation requires the development of a series of abilities. These include cognitive and mental processes (such as planning, prediction of circumstances and ways of behavior), as well as emotions and attitudes (such as optimism, pessimism and hope). Similarly, incentives, which are expressed as interests, values and goals, play a primary role in the individual’s future actions. Time orientation is closely connected with individual progress. By predicting the future, people feel as though they are predicting their own development, resulting in the fact that we set the directions we wish to follow.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Alesina A, Rodrik D (1994) Distributive politics and economic growth. Quart J Econ 109:465–490
Barro R (1991) Economic growth in a cross section of countries. Quart J Econ 106:407–443
Barro R (2000) Inequality and growth in a panel of countries. J Econ Growth 5:5–32
Bertola G (1991) Market structure and income distribution in endogenous growth models. NBER working paper no 3851. National Bureau of Economic Research, Cambridge
Bloom N (2009) The impact of uncertainty shocks. Econometrica 77(3):623–685
Bloom N (2011) The uncertainty shock from the debt disaster will cause a double-dip recession. VoxEU.org, http://www.voxeu.org/article/uncertainty-shock-will-cause-recession-evidence-16-previous-episodes
Bosma HA (1985) Identity development in adolescence. Coping with commitments. Rijksuniversiteit Te Groningen, Groningen
Bourguignon F, Ferreira F, Walton M (2007) Equity, efficiency and inequality traps: a research agenda. J Econ Inequal 5:235–256. doi:10.1007/s10888-006-9042-8
Brunetti A, Kisunko G, Weder B (1997) Credibility of rules and economic growth: evidence from a Worldwide Survey of the Private Sector. World Bank Policy research working paper no 1760. The World Bank, Washington, DC
Crockett LJ, Bingham CR (2000) Anticipating adulthood: expected timing of work and family transitions among rural youth. J Res Adolesc 10:151–172
Davidson P (1987) Sensible expectations and the long-run non-neutrality of money. J Post Keynesian Econ 10(1):146–153
de Carvalho FJC (1988) Keynes on probability, uncertainty, and decision making. J Post Keynesian Econ 11(1):66–99
Elder GH Jr (1985) Perspectives on the life course. In: Elder GH Jr (ed) Life course dynamics. Cornell University Press, Ithaka
Forbes K (2000) A reassessment of the relationship between inequality and growth. Am Econ Rev 90:869–887
Frederick S, Loewenstein G, O’Donaghue T (2002) Time discounting and time preference: a critical review. J Econ Lit 40:351–401
Gjesme T (1983) On the concept of future time orientation: considerations of some functions’ and measurements’ implications. Int J Psychol 14:443–461
Hagestadt GO, Neugarten BL (1985) Age and the life course. In: Binstock RH, Shanas E (eds) Handbook of aging and the social sciences. Van Nostrand Reinhold, New York, NY
Hall ET (1983) The dance of life: the other dimension of time. Anchor Press/Doubleday, Garden City
Havighurst RJ (1948) Developmental tasks and education. McKay, New York, NY
Hofstede G (2001) Culture’s consequences. Sage, Newbury Park, CA
Jones JM (1988) Cultural differences in temporal perspectives: instrumental and expressive behaviours in time. In: McGrath E (ed) The social psychology of time: new perspectives. Sage, Newbury Park, CA
Jones JM (1993) An exploration of temporality in human behaviour. In: Schank R, Langer E (eds) Beliefs, reasoning, and decision making: psycho-logic in Honour of Bob Abelson. Lawrence Erlbaum Associates, Hillsdale, MI
Kastenbaum R (1961) The dimensions of future time perspective, an experimental analysis. J Gen Psychol 65:203–218
Keynes JM (1936) The general theory of employment, interest and money. MacMillan, London
Knack S, Keefer P (1995) Institutions and economic performance: cross-country tests using alternative institutional measures. Econ Polit 7:207–227
Knight FH (1921) Uncertainty and profit. University of Chicago Press
Kose MA, Terrones MA (2012) Uncertainty weighing on the global recovery. VoxEU.org. http://www.voxeu.org/article/uncertainty-weighing-global-recovery
Krueger AO (1974) The political economy of the rent-seeking society. Am Econ Rev 64(3):291–303
Kuznets S (1955) Economic growth and income inequality. Am Econ Rev 45:1–28
Li HY, Zou HF (1998) Income inequality is not harmful to growth: theory and evidence. Rev Dev Econ 2:318–334
Little BR (1983) Personal projects: a rationale and method for investigation. Environ Behav 15:273–309
Markowitz H (1952) The utility of wealth. J Polit Econ 60(2):151–158
Mauro P (1995) Corruption and growth. Q J Econ 110:681–712
Mayer KU (1986) Structural constraints on the life course. Hum Dev 29:163–170
McCarthy B (2000) The cult of risk taking and social learning: a study of Irish entrepreneurs. Manag Decis 38(8):563–575
Nurmi JE (1989a) Adolescents’ orientation to the future: development of interests and plans, and relates attributions and affects, in the life-span context. Commentationes Scientiarum Socialium 39 Helsinki: The Finnish Society for Sciences and Letters
Nurmi JE (1989b) Development of orientation to the future during early adolescence: a four-year longitudinal study and two cross-sectional comparisons. Int J Psychol 24:195–214
Nurmi JE (1991) How do adolescents see their future? A review of the development of future orientation and planning. Dev Rev 11:1–59
Nurmi JE (1993) Adolescent development in an age-graded context: the role of personal beliefs, goals, and strategies in the tackling of developmental tasks and standards. Int J Behav Develop 16:169–189
Nurmi JE (2004) Socialization and self-development: Channeling, selection, adjustment, and reflection. In: Lerner R, Steinberg L (eds) Handbook of adolescent psychology. Wiley, Hoboken, NJ
Okun AM (1975) Equality and efficiency: the big tradeoff. The Brookings Institution, Washington, DC
Palsson AM (1996) Does the degree of relative risk aversion vary with household characteristics? J Econ Psychol 17:771–787
Perotti R (1996) Growth, income distribution, and democracy: what the data say. J Econ Growth 1:149–187
Persson T, Tabellini G (1992) Growth, distribution and politics. Eur Econ Rev 36:593–602
Persson T, Tabellini G (1994) Is inequality harmful for growth? Am Econ Rev 84:600–621
Ray DM (1994) The role of risk taking in Singapore. J Bus Ventur 9:157–157
Samuelson P (1937) A note on measurement of utility. Rev Econ Stud 4:155–161
Stevans L (2012) Income inequality and economic incentives: is there an equity-efficiency tradeoff? Res Econ 66:149–160
Strathman A, Joireman J (2005) Understanding behaviour in the context of time: theory, research, and application. Lawrence Erlbaum, Mahwah, NJ
Strough J, Berg CA, Sansone C (1996) Goals for solving everyday problems across the life span: age and gender differences in the salience of interpersonal concerns. Develop Psychol 18:415–427
Trommsdorff G, Burger C, Fuchsle T (1982) Social and psychological aspects of future orientation. In: Irle M (ed) Studies in decision making. de Gruyter, Berlin
Zimbardo PG, Boyd JN (1999) Putting time in perspective: a valid, reliable individual – differences metric. J Pers Soc Psychol 77:1271–88
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2014 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Petrakis, P.E. (2014). Power Distance, Uncertainty, Time and Growth. In: Culture, Growth and Economic Policy. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-41440-4_10
Download citation
DOI: https://doi.org/10.1007/978-3-642-41440-4_10
Published:
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-41439-8
Online ISBN: 978-3-642-41440-4
eBook Packages: Business and EconomicsEconomics and Finance (R0)