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On Custom in the Economy$
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Ekkehart Schlicht

Print publication date: 1998

Print ISBN-13: 9780198292241

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292244.001.0001

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Smooth and Lumpy Changes

Smooth and Lumpy Changes

Chapter:
(p.41) Chapter 3 Smooth and Lumpy Changes
Source:
On Custom in the Economy
Author(s):

Ekkehart Schlicht

Publisher:
Oxford University Press
DOI:10.1093/0198292244.003.0004

Conservatism and conformity lead to inertia and critical mass phenomena. As a consequence, smooth changes in circumstances may induce discontinuous changes in custom and give rise to phenomena of hysteresis.

Keywords:   conformity, conservatism, critical mass, cumulative growth, discontinuity, hysteresis, inertia, sudden decay

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