A Theory of Social Custom, of Which Unemployment May be One Consequence
研究人们为何遵守对自己不利的社会习俗,发现若违反会损失声誉,则习俗可能持续,并用公平工资导致非自愿失业为例说明。
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.