A Theory of Social Custom, of which Unemployment may be One Consequence

S-Tier
Journal: Quarterly Journal of Economics
Year: 1980
Volume: 94
Issue: 4
Pages: 749-775

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

This paper examines adherence to social customs. Models of social customs are found to be inherently multi-equilibrial. It is found that social customs which are disadvantageous to the individual may nevertheless persist without erosion, if individuals are sanctioned by loss of reputation for disobedience of the custom. One example of such a social custom is the persistence of a fair (rather than a market-clearing) wage. In this fashion, involuntary unemployment is explained.

Technical Details

RePEc Handle
repec:oup:qjecon:v:94:y:1980:i:4:p:749-775.
Journal Field
General
Author Count
1
Added to Database
2026-01-24