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  Ethics, Property Rights Institutions, and Economic Growth
George Kanatas and Chris Stefanadis
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  Abstract
 

Ethical choices of rational agents in our model are a fundamental cause of economic prosperity and growth and a critical factor in the development of property rights institutions. Financial transactions are a key feature, providing the channel through which morality and the institutional framework affect economic well-being. In equilibrium a more moral society gives rise to a higher rate of innovation and economic growth along with stronger protection of property rights and a more developed financial system. Furthermore, a higher degree of risk aversion enhances morality and raises the level and growth rate of output.

 

 
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2011 Dept. of Agricultural & Resource Economics, The University of Arizona
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Last updated December 5, 2006
Document located at http://ag.arizona.edu/arec/pubs/researchpapers/abstract2006-06.html