Cultural evolution is a long-term endogenous process which is revealed in society's cultural traits and it is embodied in institutional characteristics (property rights protection, rule of law, etc.) and transaction characteristics (risk levels, time required for start-ups, corruption levels, literacy levels, etc.). In the short- and medium-term, culture, institutions and transactions are exogenous for the economic and societal system. The paper aims to explore the roles of cultural, transaction and institution characteristics in the determination of opportunity entrepreneurship, at the medium-term. A series of variables is used to express these roles, which are analysed with a principal component analysis and a regression analysis. As expected, the conclusions confirm that the cultural traits both positively and negatively affect opportunity entrepreneurship depending on the particular traits combination. Moreover, the effect of enhanced transaction characteristics and economic institutions is conducive to opportunity entrepreneurship. Performing a sensitivity analysis, we construct a hypothetical, more opportunity entrepreneurship-oriented world by postulating pro-entrepreneurship cultural traits. In this "new world", because cultural traits are no longer an issue, they present "entrepreneurial maturity"; the important factors in promoting opportunity entrepreneurship are transaction and economic institution characteristics

Incorporating the unavoidable changes manifesting in the behavior of individuals as an outcome of evolution at the level of development of the economy and society, we pinpoint a new theoretical background requiring the reconfiguring of the micro-foundations of economic theory regarding the creative economy. We thus set the theoretical micro-foundations of the creative economy where the main microeconomic incentive lies in life satisfaction attainment rather than utility maximization. At the macroeconomic level, we propose the pairing of sustainability with the creative economy. The objective is met through the vehicle of social identity derived from the responses to a questionnaire distributed in Greek society. Through principal components analysis, we locate two sets of variables shaping life satisfaction: the exogenous influences within social identity (state of health, age, and level of education) and the endogenous primary influences within social identity (lending, cultural change, and happiness). Each one of these variables is determined by other interpretative variables. Furthermore, we observe a weakness of economic policy to influence life satisfaction in advanced Western societies, resulting in a paradox of the economic toolkit. Our findings are relevant for policymaking to promote life satisfaction, especially within the creative economy context.

Creativity is a critical element of sustainable development. In current paper it is described through Social Identity by identifying the main factors that shape the background of creativity. We conclude that health, maturity, and positive attitudes of cultural change as well as the social stability, the environmental care and finally, the incentives, material and non-material, shape the human creative dynamism.