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A Web of Reinforcements

Ekkehart Schlicht

in On Custom in the Economy

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198292241
eISBN:
9780191596865
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292244.003.0002
Subject:
Economics and Finance, Microeconomics, History of Economic Thought

Custom comprises habitual, emotional, and cognitive aspects that mutually reinforce each other. This chapter concentrates on conservatism and conformity as important elements in the formation of ... More


Smooth and Lumpy Changes

Ekkehart Schlicht

in On Custom in the Economy

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198292241
eISBN:
9780191596865
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292244.003.0004
Subject:
Economics and Finance, Microeconomics, History of Economic Thought

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 ... More


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