The relationship between social institutions and social norms on the one hand and technological adoption and economic performance on the other is investigated. In particular, socio-economic systems are classified as to their degree of risk sharing among individuals. It is argued that optimal institutional settings depend on which stage of development has been reached, and to whether the risks associated with economic activities are too high to be sustained by single individuals.
- Grimalda, G. (2003). “Economic and Social ‘Lock-ins’: The Interaction Between Technology and Social Norms”, mimeo; Chapter 7 of the Ph.D. thesis “Essays on Norms and Growth in a Dynamical Perspective”, University of Southampton