How Does Culture Influence Economic Performance?

What influences do several cultural values, attitudes, and the like, on economic performance? In this article, Edmund S. Phelps shows a weak correlation between continental countries’ relative endowment of some cultural attributes and the relative performance of their national economies. However, not all of the cultural attributes hypothesized to be important were found to matter for performance. And not all continental countries were under-endowed in some of the cultural attributes that mattered a lot.