Culture has been mainly studied as an aspect that determines individual and society’s beliefs. Influence culture has on a society has impacted economic and social outcomes. However, lack of research on this relation has provided with limited explanation on how it might have been interlinked for more than decades being oblivious. Upbringing of a child has a significant influence on economic decisions like education, health and job. The atmosphere or people you grow up with teach you to lead a certain a life and make decisions that are suitable to your culture. Academic researches are more based on popular factors such as income and employments; culture has not been been given equal salience. Culture and economics may not have a wide presence but it certainly has been influencing each other.
Social problems most of the countries grapple with are inequality and fragmentation. Inequality in terms of education has resulted in lack of skills and education among the poor. Income produced by uneducated has been very small than those who possess the necessary education. Again, this shapes a unique outcome for those struggling with these issues. Their economic choices are based on such factors. The outcomes of discriminated class are confined to the social issues they have been relentlessly facing. The gulf between the social classes causing an economic gap has been observed and this issue of social fragmentation has been influential. Social mobility varies from place to place. Every place has a specific culture determining its economic affairs. Social mobility is a not a consequence of the policies executed but has to do with the culture of a place. Culture of poor and racial difference has the maximum control on the economic condition than the policies.
Each community devotes itself to religious affirmations that dominates a person’s social beliefs. A loyal follower of religion has been termed as the happiest and morally sound due to its economic choices. Engagement of religion shapes economic well-being of people. The influence religious institutions have on the basic economics decisions related to food, clothing or shelter is deep.
Growing up in a poor family or rich family creates a gap that molds your economic outcomes. When being associated with poor culture during childhood where you closely see financial uncertainty or unforeseen circumstances as a result of uneducated family, you are less likely to engage with your family and fight to overcome poverty. Rich parents work for a better education and social experiences for their children that guarantees a better future.
Children of wealthier communities tend to have experienced mentors to guide them through. In the case of poor children, they do not have proper guidance or role models. Mentors shape a child’s performance and future that later provides better perspective towards economic decisions.
Your peers or colleagues influence you when you are in school. Having friends from a sophisticated culture or background influence you to be that person. The economic decisions you make are an outcome of the culture you are are around.
Economics is majorly influenced by culture and society. Social discrimination is prevalent in determining economic situations. Discriminated society is the most influenced by such factors. Socio-economic problems due to cultural influence are generating bigger economic problems for the poor.