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Economics of the Community Mechanism

Masao Ogaki

No 2023-004, Keio-IES Discussion Paper Series from Institute for Economics Studies, Keio University

Abstract: 1. This paper discusses the importance of the community mechanism that complements the market and power mechanisms in an economic system during an era of crisis. 2. The community mechanism is defined as a mechanism for resource allocation by which at least one person proposes voluntary cooperation, and the proposal is not rejected. 3. While this community mechanism can function alongside homo economicus in win?win situations, it can be further activated with social preferences for altruism and reciprocity and with norms or worldviews that encourage cooperation. 4. Other factors that relate to these include the character strengths that contribute to community and society known as virtues, with the concept of wellbeing related to virtues being known as eudaimonia

Keywords: Community mechanism; Altruism; Reciprocity; Trust; Virtue; Eudaimonia (search for similar items in EconPapers)
JEL-codes: A10 D01 D04 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2023-03-10
New Economics Papers: this item is included in nep-hap, nep-hme and nep-soc
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Journal Article: Economics of the community mechanism (2022) Downloads
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