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Conduct, rules and the origins of institutions

Published online by Cambridge University Press:  13 January 2015

VERNON L. SMITH
VERNON L. SMITH*
Affiliation:
Chapman University, Orange, California
*
*Email: [email protected]
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Abstract:

This paper supports the effort by Hindriks and Guala (2014) to integrate the prevailing accounts of institutions. I illustrate with traffic narratives how we can think of their concept of rules-in-equilibrium as evolving from universal elementary forms. These conceptions resonate fully with Smith (1759) who saw rule-following conduct as the basis of human sociality and action.

Type
Article Commentary
Information
Journal of Institutional Economics , Volume 11 , Issue 3 , September 2015 , pp. 481 - 483
Copyright
Copyright © Millennium Economics Ltd 2015 

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References

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