In this volume, the author argues for a realistic view in which people have a limited understanding of their environment. He seeks to show how the cumulative experiences of many individuals coalesce over time into customs, norms and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties.
Author Biography
H. Peyton Young is Scott and Barbara Black Professor of Economics at The Johns Hopkins University and a Visiting Fellow at the Brookings Institution. He is the author of Equity: In Theory and Practice (Princeton).
Reviews
"[Individual Strategy and Social Structure] should be a valuable resource for all interested in this extremely valuable and flexible technique. Self-contained and pleasant to read."--Journal of Economics
