Social Dynamics

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Steven N. Durlauf, H. Peyton Young
MIT Press, 2004 - Business & Economics - 238 pages

Economists have traditionally studied aggregate behavior as the outcome of individual decisions made interactively, while sociologists have focused on the role of social influences on individual behavior. Over the past decade, however, the barriers between the disciplines have broken down, resulting in the new area of social economics. Social economics is based on the assumption that individuals are directly influenced by the choices and characteristics of others, creating a feedback loop from the past choices of some people to the current social context and hence future choices of others. The essays in this book, by some of the creators of the field, provide an overview of social economics and represent a variety of approaches, including theoretical model-building, empirical studies, statistical analyses, and philosophical reflections.

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Contents

The New Social Economics
1
The InteractionsBased Approach to Socioeconomic Behavior
15
Policy Interventions LowLevel Equilibria and Social Interactions
45
Measuring Social Interactions
83
The Dynamics of Conformity
133
Individual Interactions Group Conflicts and the Evolution of Preferences
155
The Emergence of Classes in a MultiAgent Bargaining Model
191
The Breakdown of Social Contracts
213
Index
235
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About the author (2004)

H. Peyton Young is the James Meade Professor of Economics, University of Oxford; the Scott and Barbara Black Professor of Economics, Emeritus, at Johns Hopkins University; and Senior Fellow in Economic Studies at the Brookings Institution.

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