Discussion Paper

Are Economic Values Transmitted from Parents to Children?

Abstract: Economic research shows that differences in cultural traits and values—for example, trust, or the propensity to cooperate and not free-ride on others—are important determinants of economic outcomes, such as growth, economic and financial development, and international trade. It’s much less clear, however, where these differences in economic-relevant values come from. While economists generally assume that they’re transmitted from parents to children, the empirical evidence to this effect is almost nonexistent.

JEL Classification: J00;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2014-01-06

Number: 20140106