Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?

Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth? This paper makes three observations for policy-makers, interested in promoting economic growth, based on the experimental work done at the Interdisciplinary Center for Economic Science. First, safeguards must be put into place to protect impersonal exchange from our innate desire for personal exchange. Second, policy must take into account the heterogeneity of individual cognitive strategies that are observed in economics laboratories. Third, policy must be test-bedded in economic experiments where the status quo is modeled as an ecologically rational response to the economic environment and the proposed policy change occurs in an environment where individuals have access to a full repertoire of personal exchange behaviors. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2005 by Springer Science + Business Media, Inc.
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-005-3111-2
Publisher site
See Article on Publisher Site

Abstract

This paper makes three observations for policy-makers, interested in promoting economic growth, based on the experimental work done at the Interdisciplinary Center for Economic Science. First, safeguards must be put into place to protect impersonal exchange from our innate desire for personal exchange. Second, policy must take into account the heterogeneity of individual cognitive strategies that are observed in economics laboratories. Third, policy must be test-bedded in economic experiments where the status quo is modeled as an ecologically rational response to the economic environment and the proposed policy change occurs in an environment where individuals have access to a full repertoire of personal exchange behaviors.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Jan 1, 2005

References

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