David Dequech (2017)
Journal of Economic Issues, 51:2, p. 285-296.
Abstract. Development conventions are broadly defined as socially shared systems of rules of thought or behavior (institutions) regarding development, with the properties of conformity with conformity and arbitrariness. Conformity with conformity means that the fact that others have adopted a convention, or are expected to adopt it, plays a role in leading someone else to adopt it. Arbitrariness means that a non-inferior alternative exists or is conceivable. This article identifies several social mechanisms through which the conformity of others leads one to conform. It also relates arbitrariness to the possibility of assessing development from various viewpoints, to the inconclusiveness of evidence, and to uncertainty about future consequences.