Social factors play a role in shaping economic development from "summary" of Theory of Economic Growth by W. Arthur Lewis
W. Arthur Lewis emphasizes the significance of social factors in influencing economic development. He underscores that economic growth is not solely determined by technological advancements or capital accumulation. Rather, social factors such as culture, education, institutions, and social norms play a crucial role in shaping the trajectory of economic development. Lewis highlights how social norms and cultural beliefs can impact the way individuals engage in economic activities. For instance, certain cultures may prioritize communal well-being over individual gains, leading to different approaches to entrepreneurship and wealth accumulation. Similarly, education plays a vital role in providing individuals with the necessary skills and knowledge to participate effectively in the economy. Moreover, i...
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