On Custom
Journal of Institutional and Theoretical
Economics, 1993, 149(1), 178-203.
Reprinted in Mark Casson (ed.), Culture, Social Norms and Economics,
Volume II Economic Performance, 161-185, Cheltenham: Edward Elgar 1997 (Elgar
Reference Collection)
Abstract
Custom is a key factor for economic performance. Social and economic institutions build on it. The purpose of this paper is to reflect on the motivational force of custom per se, as brought about by history. History creates entitlements, and these influence behavior. Custom is thus understood as a set of behavioral dispositions inherited from the past. In this, the present considerations deviate from earlier approaches that take custom as being stabilized by external rewards and sanctions alone.
Keywords: Custom, conventions, social capital, entitlements
Journal of Economic Literature classification numbers: A14, N00, A13, Z1
Professor Dr. Ekkehart Schlicht: Veröffentlichungen/Publications
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