Collective Memory, Identity and Cultural Investments ∗

Abstract

I study the intergenerational transmission of knowledge in the presence of social externalities associated with individual investment decisions (learning and respecting social norms, cooperation with others, human capital). The younger generation’s decisions are based on beliefs about the quality of existing institutions, social norms and values; these beliefs are influenced by the information received from the older generation. I examine whether and when the older generation can engage in welfare-enhancing manipulation of the information transmitted to the younger generation. I then investigate the costs and benefits of having multiple principals involved in the intergenerational transmission of knowledge, and in particular the role of close family ties. Finally, the paper studies the implications of heterogeneous cultural identities for the optimal transmission of knowledge. My findings are consistent with the empirical evidence on the intergenerational transmission of knowledge and the evolution of collective memory in a variety of countries. JEL classification numbers: D82, D83, Z13.

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