Social Consensus and Economic Behavior

Tarek Selim () and John Salevurakis

MPRA Paper from University Library of Munich, Germany

Abstract: Economics and sociology are immensely related. The relationship between economics and social behavior includes the impact of social consensus upon economic and distributional outcomes. We study the demand and supply mechanisms by which a social consensus is established, discuss how social consensus acts as a constraint on rational choice, and draw specific implications on economic and distributional efficiency. We also study when and under what conditions a social consensus is binding. Specifically, we derive comparative equilibrium conditions for entrepreneurship as a driver for innovation with and without a binding force of social consensus. Results ultimately contrast conventional neoclassical theory.

Keywords: social consensus; innovation; entrepreneurship; economic rationality; resistance to change (search for similar items in EconPapers)
JEL-codes: B52 D02 L26 M2 Z1 (search for similar items in EconPapers)
Date: 2008-07-02
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:121563

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