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Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?

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  • Kevin McCabe

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Abstract

This paper makes three observations for policy-makers, interested in promoting economic growth, based on the experimental work done at the Interdisciplinary Center for Economic Science. First, safeguards must be put into place to protect impersonal exchange from our innate desire for personal exchange. Second, policy must take into account the heterogeneity of individual cognitive strategies that are observed in economics laboratories. Third, policy must be test-bedded in economic experiments where the status quo is modeled as an ecologically rational response to the economic environment and the proposed policy change occurs in an environment where individuals have access to a full repertoire of personal exchange behaviors. Copyright Springer Science + Business Media, Inc. 2005

Suggested Citation

  • Kevin McCabe, 2005. "Reciprocity and Social Order: What Do Experiments Tell us About the Failure of Economic Growth?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(3), pages 241-280, December.
    • Handle: RePEc:kap:revaec:v:18:y:2005:i:3:p:241-280
    DOI: 10.1007/s11138-005-3111-2
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    References listed on IDEAS

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    1. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
    2. McCabe, Kevin A., 1989. "Fiat money as a store of value in an experimental market," Journal of Economic Behavior & Organization, Elsevier, vol. 12(2), pages 215-231, October.
    3. Vernon L. Smith, 1998. "The Two Faces of Adam Smith," Southern Economic Journal, Southern Economic Association, vol. 65(1), pages 2-19, July.
    4. Vernon L. Smith, 1965. "Experimental Auction Markets and the Walrasian Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 73, pages 387-387.
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    Cited by:

    1. Chad Seagren, 2011. "Examining social processes with agent-based models," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(1), pages 1-17, March.
    2. R. Koppl, 2006. "Austrian economics at the cutting edge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(4), pages 231-241, December.

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