Social norms and the law: an economic approach
Article Abstract:
Four motivations for adhering to norms provide insights into the link between law and norms. Law, as exemplified by the lawful enforcement of contracts, serves as a supplement and replacement for norms. Norms arise from contracts, and these norms have specific activities of which a central legal authority has no control owing to lack of enough information. The lawful implementation of contracts supplements norms that do not otherwise exist. This is proven by the adherence to many contracts, by considerations of reciprocity, even without a sure method of lawful enforcement.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Income, growth, and economic freedom
Article Abstract:
Market socialism should be organized along a continuum with pricing policy and ownership as its major attributes. These two characteristics are inclined to have a positive relationship. A comparison between Hong Kong and communist countries Czechoslovakia, Poland, Romania and Hungary in 1985 reveals a marked difference in steady-state income. This difference should be considered even by booming China. A higher economic freedom in China, and not a continued focus on market socialism, will result in economic progress.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Generations and the distribution of economic well-being: a cross-national view
Article Abstract:
Differences on income, poverty rates and social expenditures by age group exist between Sweden, UK, Canada and the US. Sweden, Canada and the US are faced with an aging society. Canadians opt toward early retirement compared to the other 3 nations. Younger and older households have high poverty rates in the US than the other 3 nations. Middle-aged familes have the lowest poverty rates and the highest incomes in all countries.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Local economic development process and government policy-making: an international perspective. part 2 Using the SBA guaranteed loan program
- Abstracts: Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s
- Abstracts: Principals, agents, and the learning curve: the case of steam-electric power plant design and construction. The effect of industrial structure on learning by doing in nuclear power plant operation
- Abstracts: Barriers to the implementation of economic development projects in rural Texas communities. Impact of Wal-Mart stores on Iowa communities: 1983-93
- Abstracts: Incentives in organizations. An introduction to vote-counting schemes. An introduction to applicable game theory