“…Such theories and concepts cannot be applied in another country without further proof; if applicable at all, it is often only after considerable adaptation. (Hofstede 1994, p. 7) This study informs theory and policy based on a cross-country empirical framework or investigation, which follows a common practice of economic development studies such as Alesina et al (2005Alesina et al ( , 2016, Easterly and Levine (1997), Roland (2011, 2017), and Maurseth (2018), to name but a few. In line with the economic growth theory pioneered by Romer (1986), stock of knowledge is recognized as a factor that fosters economic prosperity, which is also a topic under knowledge economy.…”