An anti-capitalist cultural bias, through directed within-family human capital transmission, adversely affects the supply of entrepreneurial talent and risk-taking. This limits economic progress if aggregate productivity is low. When productivity is high, economic incentives can overcome cultural inertia. Though the income level depends on culture, the growth rate in this case does not.
free text keywords: Economics and Econometrics, Accounting, Development, Finance, Income level, Aggregate productivity, Economic progress, Economics, Incentive, Human capital, Cultural bias, Labour economics