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Social Consensus and Economic Behavior

Author

Listed:
  • Selim, Tarek
  • Salevurakis, John

Abstract

Economics and sociology are immensely related. The relationship between economics and social behavior includes the impact of social consensus upon economic and distributional outcomes. We study the demand and supply mechanisms by which a social consensus is established, discuss how social consensus acts as a constraint on rational choice, and draw specific implications on economic and distributional efficiency. We also study when and under what conditions a social consensus is binding. Specifically, we derive comparative equilibrium conditions for entrepreneurship as a driver for innovation with and without a binding force of social consensus. Results ultimately contrast conventional neoclassical theory.

Suggested Citation

  • Selim, Tarek & Salevurakis, John, 2008. "Social Consensus and Economic Behavior," MPRA Paper 121563, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:121563
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    More about this item

    Keywords

    social consensus; innovation; entrepreneurship; economic rationality; resistance to change;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
    • Z1 - Other Special Topics - - Cultural Economics

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