Economics Dictionary of ArgumentsHome
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| Coordination: Coordination generally refers to the process of organizing people or groups so that they work together effectively and efficiently to achieve a common goal or task. Coordination in economics refers to the organization of different elements of a production system or market to achieve efficient outcomes. It involves aligning the actions of consumers, businesses, and governments, to ensure optimal use of resources and meet collective goals, often facilitated by price signals, contracts, and other market mechanisms._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Emanuela Carbonara on Coordination - Dictionary of Arguments
Parisi I 470 Coordination/social norms/Carbonara: The essence of a coordination problem is selecting among multiple equilibriums. When a coordination problem is solved for the first time, a social norm emerges. When people change the coordination equilibrium, a social norm changes. >Equilibrium. (…) individuals will conform to a coordination equilibrium if they believe that others will conform. Thus creating or changing a coordination equilibrium requires making enough people believe that others will conform to the new social norm. Parisi I 474 The expressive power of the law plays a major role in situations characterized by coordination problems (McAdams, 2000a)(1). >Laws/Carbonara, >Law/Carbonara. For instance, by stating that drivers should keep to the right, the law creates a “focal point,” solving a coordination problem. Moreover, laws legitimized by a democratic voting process are usually positively correlated with “popular attitudes” (McAdams, 2000b)(2) and thus provide a signal of those attitudes, helping individuals to form beliefs about what others will think of their behavior. Given that people normally care about being approved or disapproved by others, the law can influence behavior even without a legal sanction. 1. McAdams, Richard H. (2000a). “A Focal Point Theory of Expressive Law.” Virginia Law Review 86: 1649–1729. 2. McAdams, Richard H. (2000b). “An Attitudinal Theory of Expressive Law.” Virginia Law Review 79: 339–390. Emanuela Carbonara. “Law and Social Norms”. In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Carbonara, Emanuela Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
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> Counter arguments against Carbonara
> Counter arguments in relation to Coordination
