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Norms and Rationality in the Evolution of Economic Systems: A View from Asian Villages

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  • Yujiro Hayami

Abstract

The evolution of economic systems is viewed as a process in which various informal arrangements are experimented with for improving efficiency under changed economic environments, some of which may survive and become established as new social norms. The process is illustrated by a micro case study of Philippine villages. It reveals the ability of peasants subsisting on small farms to resolve a major disequilibrium between labour's marginal productivity and the wage rate resulting from the intro duction of modern rice technology, by creating, on the basis of their traditional experience, an appropriate institution consistent with their cultural norm. Concurrently, large estate farms were seen to arrive at an inferior outcome because of their inability to utilize the peasant community's norm, thereby demonstrating the existence of multiple equilibria JEL Classification Numbers: D23, O17, P51

Suggested Citation

  • Yujiro Hayami, 1998. "Norms and Rationality in the Evolution of Economic Systems: A View from Asian Villages," The Japanese Economic Review, Japanese Economic Association, vol. 49(1), pages 36-53, March.
    • Handle: RePEc:bla:jecrev:v:49:y:1998:i:1:p:36-53
    DOI: 10.1111/1468-5876.00070
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    Citations

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    Cited by:

    1. Roumasset, James, 2008. "A new institutional approach to pro-poor agricultural development: Lessons from Asia," Journal of Asian Economics, Elsevier, vol. 19(5-6), pages 378-388.
    2. Eiji Yamamura & Yoshiro Tsutsui, 2016. "Comparing the role of height between men and women in the marriage market," Discussion Papers in Economics and Business 16-20, Osaka University, Graduate School of Economics.
    3. James Roumasset, 2004. "Rural Institutions, Agricultural Development, and Pro-Poor Economic Growth," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), vol. 1(1), pages 61-82, June.
    4. Yamamura, Eiji & Tsutsui, Yoshiro, 2017. "Comparing the role of the height of men and women in the marriage market," Economics & Human Biology, Elsevier, vol. 26(C), pages 42-50.
    5. Yamamura, Eiji, 2013. "Effects of sex preference and social pressure on fertility in changing Japanese families," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 46(C), pages 97-104.
    6. Sawada, Yasuyuki & Higuchi, Yuki & Kajisa, Kei & Fuwa, Nobuhiko & Marciano, Esther B. & Estudillob, Jonna P., 2012. "The East Laguna Village: Four Decades of Studies in a Filipino Village," PRIMCED Discussion Paper Series 18, Institute of Economic Research, Hitotsubashi University.
    7. Yamamura Eiji, 2008. "The Market for Lawyers and Social Capital: Are Informal Rules a Substitute for Formal Ones?," Review of Law & Economics, De Gruyter, vol. 4(1), pages 499-517, December.

    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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