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A growing number of experts argue that economic growth may be more dependent on a state of mind rather than on the traditional factors,such as welfare spending and labor market regulation.
While"state of mind"is an admittedly vague concept, it broadly includes attitudes of people towards business, work, and risk-taking.
In other words, people's mentality plays probably an even more important role than the government policy.
Edmund Phelps, a renowned American economist, discovered in 2006 that these attitude - as measured by international surveys - are much more powerful in explaining the differences in countries' actual economic performance than the date economists had looked at previously.
Ｔhe implications of these findings are significant. If the population attaches little importance to entrepreneurshipb , the majority will be reluctant to start their own companies or engage in the innovative, yet risky business activities.
So, the governments are taking notice and trying to implement a range of policy options to address this situation.
Mark Fuller, who advises governments on economic policy, claims that one of the most effective ways to boost innovation and encourage people to take risks is to use education to improve the cultural value of going into business.
The government of Denmark, for example, has ordered a revision of the curricula for primary and secondary school to focus more on creativity and entrepreneurship.
Denmark also took steps to reform its bankruptcy law to lessen the shame associated with business failure.
In France, critics have long complained that the current education system trains the young to be suspicious of business.
The French Education Ministry has requested areview of textbooks, seeking to improve economic knowledge and attitudes towards business.
It is too early to say whether this theory will affect the way we conduct business transactions in the future - published research on the subject is still quiete limited.
What is certain, though , is that a nation's economic performance cannot be considered in isolation from the attitudes and preferences common among its citizens.
Encouraging people to work hard is not simply a matter of dollars and cents- it is a much more complex process involving cultural norms, social rules, and educational values.
