The economic value of ideology

Arbeitspapier

Specialization and trade rest on institutions that protect property rights and enforce agreements. Frequently, in economic analysis institutions are just assumed to exist, or it is implicitly supposed that the political game can establish them. Once this assumption is done, the invisible hand does its work properly. It doesn't matter if humans beings are benevolent or selfish for the gains from specialization and trade be realized. However, it is not easy to build institutions, neither are they a free lunch. The paper shows that ideology, understood as a self-imposed code of conduct, contributes to reduce the cost of instituting an industrious society, inducing people to assign their time and effort to productive activities rather than to theft.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Serie Documentos de Trabajo ; No. 378

Classification and Topics

• Classification: Wirtschaft ; Illegal Behavior and the Enforcement of Law ; Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
• Subject: ideology ; self-imposed codes of conduct ; crime ; enforcement of property rights ; Rechtsökonomik

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Torrens, Gustavo Federico
• Event: Veröffentlichung
• (who): Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA)
• (where): Buenos Aires
• (when): 2008

Further information

• Handle: http://hdl.handle.net/10419/84405
• Last update: 10.03.2025, 11:45 AM CET