Accumulated choices, cultural triangle and economic growth

► Economists over-rely on institutional forces, while culturalists tend to be over-subjective. ► National (organizational) cultures are σ-algebras over accumulated choices by all the people in the nation (organization). ► A “Cultural (Development) Triangle” is made of wealth, institutions and Internal Choice Environment (ICE). ► History plays a more positive role than the path dependence theory prescribes. ► Accumulated choices with sigma algebras are the best for modeling cultures.