This article shares a response paper sample to the article named The economics of convention by H. Peyton Young
The article “The Economics of Convention” by H. Peyton Young is about convention and we can define this term as a process where the citizens of a country has their own culture, rules and norms and they follow these three. Even we see some changes in the cultural norms or the rules of a society as time passes; it is applicable for any society that they used more or less the same rules and norms hundreds of years ago. The main argumentation of H. Peyton Young is that the cultural norms and rules are shaped according to the needs of the current era by the institutions or people. Heading away from this argument, whether conventional economics is a dynamic process or not. In my opinion, the subject that the writer argues in his paper is a very logical and revealing the relationship between the economics and the culture, norms and rules is a good idea to be held because individual can live in an easier way by using conventional economics.
Response Paper Sample
The article gives the idea that there is a relationship between the people and institutions and the economic convention in terms of changing the rules and the norms that affect the lives of societies. In the article we see the properties of the model and from these properties we understand that the societies and countries depend on each other on the basis of changes in the rules and the norms.
Response Paper Example
In addition, one other focus of the article is the ‘stable norms’ in the long run. At this point, the writer confuses the reader because if we are talking about a changing environment in terms of all the areas of life, we cannot talk about those ‘stable norms’. But, on the other hand, the writer may mean the interactive changing environment between and within societies, this would be logical as the article starts with the change in all aspects of life. In my opinion, the stable norms should be the rules that can be used practically for the transactions by the WTO.