Boris Begović gave a keynote lecture by invitation at the international conference EBM (Economics, Business and Management) 2018 organised by School of Economics, University of Kragujevac. The keynote lecture under title: ”Institutions or Culture: Alternative or Complementary Explanations of Economic Growth” explores the possibility of one of the other notions to provide consistent explanation of the economic growth. It was demonstrated that a synergy exists, and that institutions are more important on lower level of development and culture on the higher.