Social Norms, Culture and Beliefs

Kaushik Basu

in Prelude to Political Economy

Published in print September 2000 | ISBN: 9780198296713
Published online November 2003 | e-ISBN: 9780191595943 | DOI:
 Social Norms, Culture and Beliefs

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This chapter explores the importance of social norms and beliefs in the economy. It argues that the prosperity of the economy is affected by attitudes towards work, level of mutual trust, standard of ethics, and social norms. It uses the act of exchange to elucidate the importance of social norms as a foundation of economic activity. It discusses equilibrium-selection norms, understanding social norms in terms of evolutionary games, and positive and normative beliefs.

Keywords: social norms; positive beliefs; normative beliefs; economy; association

Chapter.  18848 words.  Illustrated.

Subjects: Microeconomics

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