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On Custom in the Economy
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On Custom in the Economy

Ekkehart Schlicht

Abstract

Custom is an integral part of the institutional matrix of modern economies. Market processes hinge crucially on custom, which in turn affect these processes. The book proposes a theory of custom that emphasizes the motivational force that arises from the individual's striving for coherence and justification. It depicts custom as comprising habitual, cognitive, and emotional aspects and explains that market transactions rely on customary entitlements and obligations. The motivational force of custom emerges from a preference for regularity and a desire for coherence that tie cognition, emotion, ... More

Keywords: coherence, conventions, custom, firms, law, motivation, organization, property, regularity, transactions

Bibliographic Information

Print publication date: 1998 Print ISBN-13: 9780198292241
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0198292244.001.0001

Authors

Affiliations are at time of print publication.

Ekkehart Schlicht, author
University of Munich

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