search query: @author Bowles, S. / total: 6
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| Author: | Bowles, S. |
| Title: | Endogenous preferences: The cultural consequences of markets and other economic institutions. |
| Journal: | Journal of Economic Literature
1998 : MAR, VOL. 36:1, p. 75-111 |
| Index terms: | ORGANIZATIONAL CULTURE ORGANIZATIONAL BEHAVIOUR ORGANIZATIONAL PSYCHOLOGY |
| Language: | eng |
| Abstract: | Markets and other economic institutions influence the evolution of values, tastes, and personalities. Bowles have identified five effects: - Framing and institution construal - Intrinsic and extrinsic motivations - Effects on the evolution of norms - Task performance effects - Effects on the process of cultural transmission If preferences are indeed endogenous, four implications follow: - Economics pays a heavy price for its self-imposed isolation from the other behavioral sciences - The effectiveness of policies and their political viability may depend on the preferences they induce or evoke. - Preference endogeneity gives rise to a kind market failure and suggests a reconsideration of some aspects of normative economics. - Fourth, there thus may be a novel public interest in some types of economic arrangements which are commonly considered private. A broader concept of market failure is thus required, one encompassing the effects of economic policies and institutions on preferences and for this reason more adequate for the consideration of an appropriate mix of markets, communities, families, and states in economic governance. |
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