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A Theory of Social Custom, of Which Unemployment May be One
Consequence
George A. Akerlof
The Quarterly Journal of Economics, Vol. 94, No. 4 (Jun., 1980),749-775.
Stable URL:
/sici?sici=0033-55332994%3A4%3C749%3AATOSCO%3E2.O.CO%3B2-N
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/
Wed Feb 18 21:37:45 2004
A THEORY OF SOCIAL CUSTOM, OF WHICH
UNEMPLOYMENT MAY BE ONE CONSEQUENCE*
This paper examines adherence to social customs. Models of social customs are
found to be inherently multi-equilibrial. I t is found that social customs which are
disadvantageous to the individual may nevertheless persist without erosion, if indi-
viduals are sanctioned by loss of reputafion for disobedience of the custom. One ex-
ample of such a social custom
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