“Economics has re-discovered the power of folklore: the themes in world folktales are linked to current culture.” Professor Ethan Mollick shared a recent study that exemplified this core concept. Cultures with stories where tricksters are punished are trusting; stories where men dominate have more gender bias; stories of risk rewarded have more entrepreneurship. These are the findings of a working paper by Stelios Michalopoulos and Melanie Meng Xue. They found that those patterns hold across groups, countries, and second-generation immigrants. The myths at the origin of the collective imagination are at the root cause of success or failure. It makes... Read more →