Smooth and Lumpy Changes

Ekkehart Schlicht

in On Custom in the Economy

Published in print March 1998 | ISBN: 9780198292241
Published online November 2003 | e-ISBN: 9780191596865 | DOI:
 Smooth and Lumpy Changes

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Conservatism and conformity lead to inertia and critical mass phenomena. As a consequence, smooth changes in circumstances may induce discontinuous changes in custom and give rise to phenomena of hysteresis.

Keywords: conformity; conservatism; critical mass; cumulative growth; discontinuity; hysteresis; inertia; sudden decay

Chapter.  2656 words.  Illustrated.

Subjects: Microeconomics

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