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The Economic Philosophy of Micro-Credit System

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Abstract

This paper aims at locating the practice of micro-credit system into a larger theoretical canvas of economic theory and philosophy. A systems theoretic approach has been adopted. Emergence of the ‘excluded’ class has been explained with the help of the theory of feedback. Individuals have been assumed to be myopic, local optimizer and bounded rational. In this context, the empirical experiences have been viewed and assessed as to their outcomes.

Suggested Citation

  • Mishra, SK, 2014. "The Economic Philosophy of Micro-Credit System," MPRA Paper 60083, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:60083
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    Keywords

    Self-organizing system; Systems theory; Micro-credit; economic philosophy; bounded rationality; local goals; theory of groups;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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