Individual Strategy and Social Structure

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Challenging the assumptions of neoclassical economics, Peyton Young presents a more nuanced perspective on human behavior, highlighting limitations in understanding and occasional irrationality. He explores how the collective actions of individuals, shaped by their experiences, lead to the development of customs, norms, and institutions that influence economic and social dynamics. Young introduces a theory that not only predicts the evolution of these institutions but also assesses their implications for welfare, offering a comprehensive view of economic interactions.