Wednesday, August 30, 2017

Institutions and economics 101


The nature of organisms and property of their associated phenotypes, within biology, are determined by complex matrix of genes. Those genes are expressed in their competitive environment through their phenotypes (Dawkins, 1982, 1986, 2006; Smith, 1982, 1988; Hamilton and Axelrod 1981). The nature and behavior of an organism, in particular, and nature and behavior of its phenotype, in general, is determined by nature of its genes. In simple words monkey behave the way monkey behave because monkey has genes of monkey, which are expressed in the environment it found itself. This is why in order to understand behavior of an organism or its associated phenotype, knowledge of genes and knowledge of how those genes are expressed in terms of their phenotype is critical.  

The nature of social organizations is also determined by their genes. Institutions are genes of social, political, economic and psychological organizations. The phenotype of an institution could be one organization or large number of overlapping organizations[1]. Fortunately, as long as organizations are defined in flexible manner to include Micro, Meso and Macro organizations (see Gabre-Madhin, 2009; Klein and Leffler, 1981; Bernstein, 1992; Baker et al., 2002; Fafchamps, 2004), with their overlapping nature, an organization can be taken as phenotype of institutions. As our knowledge of genes does give us better capacity to understand and modify biology, our understanding of institutions will also give us better capacity for social management and governance.

In addition, there is increasing demand for development of integrated social science, based on biological foundation, to make social sciences more practical and useful (Pinker, 1997). Unless all known knowledge is integrated into unified truth and unless all social ideas are built on foundation of biological truth, social science will not be in position to have acceptable quality of scientific investigation. Anthropologists do try to integrate all natural and social knowledge (Haviland et al., 2008). The problem is anthropologists do lack rigorous and detail knowledge of the scientific frontier of knowledge found within each and every social science discipline, especially economics. Ignoring the advancements in evolutionary and institutional side of social sciences within the last century, if you see Pinker (1997) from natural science and Haviland et al. (2008) from anthropology, it is sad to notice old theories of Veblen and Marx are taken as foundation of their institutional and organizational theory. So it is beyond reasonable doubt to accept the fact that we do need to have clear and update institutional knowledge, in order to develop well integrated social science. 
What are institutions? Institutions are  formal laws, social norms, common senses, mind senses[2], traditions, religious beliefs,  moral values and soon (Kirsten, et al., 2009; Hayami and Godo, 2005; Hodgson, 1998, 2007; North, 1989, 1991, 1992, 1994; Biggart and Beamish 2003; Williamson, 2000; Nabli and Nugent, 1989; Bowles, 1998; Dopfer et al., 2004; Matthews, 1986), which determine the relationship between decision making agents[3] (Nabli and Nugent, 1989; Groenewegen et al., 1995; Hodgson and Knudsen, 2004). Organizations are built from decision making agents to achieve some implicit or explicit goal of its members (Kirsten, et al., 2009; North, 1989, 1992, 1994; Nabli and Nugent, 1989; Matthews, 1986). In this process institutions do define the nature of relationship that exists between decision making agents within the organization (Nabli and Nugent, 1989; Groenewegen et al., 1995; Hodgson and Knudsen, 2004). Those institutions also define the relationship between decision making agents and their organization (Kirsten, et al., 2009; North, 1992, 1994; Biggart and Beamish 2003; Nabli and Nugent, 1989; Groenewegen et al., 1995; Hodgson and Knudsen, 2004). Moreover the relationship of that organization with wider national and international organizational system is also specified by those institutions. By doing so, institutions will define the ownership right of resource and the distribution of wealth among decision making agents (Mwangi and Meinzen-Dick, 2009; Grossman et al., 1986; Demsetz, 1967). 

Mekelle University is built of different decision making agents, which include students, teachers, administrative bodies and supporting staffs. Those agents do have personal goals of their own, which is not necessary compatible with goals of the University. This is where institutions become handy. If the institutions of the University are optimally defined and efficiently enforced, they will provide optimal signals to coordinate the enlightened and strategic selfish action of decision making agents toward promotion of organizational objective.

The right question to ask at this point is: how do institutions achieve this? The nature of the relationship between different agents of the University and the nature of the relationship between those agents and the University itself are defined by University’s formal and informal laws, rules, regulations, norms, traditions, customs and values. Moreover the relationship between Mekelle University and the overall national and global system is defined by wider national and international institutions. It is important to notice informal institutions, which cannot change by stroke of a pen, are very critical institutions in teaching learning process as they are critical in other parts of human life. If the rules and regulations, incentive structure and informal associations between economic agents in a given organization are the right kind, the organization will be efficient on achieving its objectives (North, 1991, 1992, 1994).

This is done first by guiding agents’ enlightened and strategic selfish behavior in the right direction (North, 1991, 1992, 1994). If the formal and informal institutions of Mekelle University and national institutions are organized to promote excellence among students, teachers, supporting staffs and administration, they will definitely attain high level functionality in terms of attaining organizational objectives. Second, institutions will introduce certainty on future outcome of current action (Kirsten, et al., 2009; North, 1991, 1992, 1994; Nabli and Nugent, 1989; Groenewegen et al., 1995). Right institutions will grantee good grade, better paying job and social respect for hard working and intelligent students. Right institutions will generate better quality of life, intellectual recognition and social respect for hard working and effective teachers and researchers. Those in turn will make enlightened and strategic selfish action of agents to be consistent with organizational objective of the university.

No matter how efficient or inefficient institutions are, however, stable life is simply impossible without common framing of mind that can be created by institutions. Institutions do make thinking and social functionality possible by creating common expectation within society (Biggart and Beamish, 2003; Hodgson, 1997; Hodgson and, 2004; Heiner, 1983; Camerer and Loewenstein, 2004; Dequech, 2002).

We should notice (super) rational thinking[4], which can analyze all potential possibilities in order to make optimal decision under risk and uncertainty, is simply impossible to human kind. At biological level this is solved by common design of human mind, which uses common mind senses which are pragmatically selected by evolution for their functionality (Cosmides and Tooby, 1994a, 1994b, 1996, 1987; Pinker, 1997). The fact that our mind is similar at hardware level and basic operating system level will make the social world more predictable. People don’t think with free spirit in all possible ways, their way of thinking is constrained by their biology which defines nature of their brain. Even when our culture is very different from each other, still our thinking is not very different from each other. This will make our understanding of peoples’ reaction toward our action easy to contemplate and it will also make the social world easy to understand. 

However human mind is also made flexible by being function of culture and experience. Cultural elasticity is developed with evaluation of Mammals and perfected with human beings. Cultural capacity of Mammals in general and human beings in particular is what allowed them to dominate the evolutionary world as we know it (Haviland et al., 2008). The problem is since our mind uses mind schemes as rule of thumb to make the best of its bounded capacity, without using abstract and objective logic, still there could be confusion on how we understand the world. How does one know how others will react to his action and behavior in this reality? In theory all possible reactions of all decision making agents are infinitive in number. This will make the social world chaotic and hard to understand and act on. This is where culture by creating common framing of mind and by creating common expectation will make the social environment very stable and highly predictable to our mind (Biggart and Beamish, 2003; Hodgson, 1997; Hodgson and, 2004; Heiner, 1983; Camerer and Loewenstein, 2004; Dequech, 2002). This is why norms, customs, traditions and cultures not only reduce uncertainty of exchange and cooperation, but also the uncertainty of life and thinking itself.     

In simple words, institutions are needed to organize diverse decision making agents into functional body, called organization (Kirsten, et al., 2009; North, 1989, 1992, 1994; Nabli and Nugent, 1989; Matthews, 1986). The organization can be friends, family, firm, ministry, clan, community, market, state and soon (Chang, 2001; North, 1989, 1994; Dorward, et al., 2005; Coase, 1937). Organization as result is a functional body or group organized to act for specific purpose (North, 1992, 1994; North, 1989).

As is stated above, institutions will provide the right signal and they will generate predictable expectation to coordinate the activity of decision making agents toward achievement of organizational objectives. This is why right incentives and signals provided by the right institutions will lead to higher organizational efficiency. But, if institutions are of a wrong kind, strategic and enlightened selfish act of individuals can possibly result on disastrous out come to everyone (North, 1992, 1994; Groenewegen et al., 1995; Berg, 2001). Just think about property right in competitive system. If it is appropriately enforced, it will grant fruit of own labor to the owner, which can provide positive signal for hard working ‘rational’ individuals. Unfortunately, if it was not properly enforced, some people will prefer to share output of others than producing their own output. As the result national output will decline by amount which can be produced by those who prefer to be free riders. Far worst even those who prefer to work, after observing that their output is shared by others, will increase their tendency to be free riders. This will have a devastating impact on collective efficiency (Berg, 2001).

A good example for the above conclusion is 1990’s starvation of Somalia, which is caused by enforcement failure of private property on agricultural products. Lacking stable state and facing the chaotic social conflict, farmers were not able to exclude others from their farm output and often their farm output was harvested by warring lords. This reduced farmers’ effort in next production year and end up generating national starvation, despite favorable natural climate they were experiencing at the same year (Berg, 2001). Assumed “rationality” of people, if they live under wrong institutional structure, will not generate efficient outcome either. Everyone can “rationally” end up in loss-loss situation, if operating under wrong institutional structure, despite making “rational” choice is easy to see in the stated history of Somalia above.

Human “rationality” is not a substitute for the right kind of institutions; actually the common irrationality of human mind is efficiently corrected by the right institutions. Human beings behave in more rational manner not because they are rational but because institutions guide them to be rational. This fact is well proven in many experimental market studies of experimental economics (see Plott, 1986; Smith, 1964, 1967, 1982, 1990; Roberson and Smith, 1982; Easley and Ledyard, 1983; Gode and Sunder, 1993). This is why, human rationality is desirable, if it is possible; but what is most important is right institutional structure to organize humanity in right direction. Science is working to generate great outcome, not because scientists are rational being in all of their thinking, but because the scientific culture is very effective in refining facts from fiction. This in turn by reframing our mind will improve our rationality. 

The next question we have to ask is: who sanction those institutions? Institutions are sanctioned by community, by family, by culture, by state or/and by other decision making agents to coordinate the effort of each and every agent to ward specific goal (Dorward and Omamo, 2009; North, 1989, 1992, 1994; Biggart and Beamish 2003; Bowles, 1998). In achieving the goal of the organization, however, the flexibility allowed to framers of institution is limited by basic operating system created by biological nature of common human mind (Cosmides and Tooby, 1994a, 1994b, 1996, 1987; Pinker, 1997). Society may be able to change the uploaded software of mind, which is cultural and environmental expression of biology, but the level of flexibility possible is limited by hardware and operating system provided by nature. 

Institutions can be formal, as sanctioned by law, or informal, as sanctioned by social norms and decisions (Rodrik, 2007; North, 1992, 1994). It is always important to remember that informal institutions are as important as formal institutions (Gabre-Madhin, 2009; North, 1992, 1994; Hodgson, 1997; Hayami and Godo, 2005). This is so, given the fact that “the rules that contradict the morals of people would not be sanctioned socially and, if stipulated formally, would not function effectively.” (Hayami and Godo, 2005, page 11). In simple words socially rejected institutions will demand huge enforcement cost to be practical (Kirsten, et al., 2009; North, 1992; Field, 1984; Hayami and Godo, 2005).

If society supports an institution, there will be internalized morality which leads to least cost enforcement without a need for huge and costly external pressure (Cox and Fafchamps, 2006; Groenewegen et al., 1995; Mezgebo, 2014). You don’t rape and murder a beautiful hopeless girl in middle of an isolated jungle. This is because your mind cannot accept rape and murder as way of sane human being and you cannot live with that. It is not due to fear of police, judge or social sanction that most people restrain from crime. It is because they cannot live with themselves then after, if they have done immoral crime.

If a rotten apple happens, then community does have better access to micro information from eye and mind of every member, which makes least cost supervision possible (Masuku, 2009; Bradach, 1989; Powel, 1990; Fafchamps, 2004). Then social sanction will be used to restrain such bad behavior in least cost possible (Mwangi and Meinzen-Dick, 2009; North, 1971, 1992, 1994; Williamson, 2000; Hodgson, 1998; Bardhan, 1989; Hodgson, 1997; Field, 1984; Bardhan, 1987; Cox and Fafchamps, 2006; Akerlof, 1998).

Even if community ties are weak for collective sanction to be practical, as is observed by Fafchamps (2004) in some African markets, the community still can improve efficiency of formal organizations by supplying local knowledge, micro information and whatever social pressure, which can exists, in to service of formal enforcers of the law to make the formal laws very effective. However if the new law or new institution is rejected by the society, the iron hand of society which can help formal enforcers will destabilize the formal laws from inside out. This will make enforcement very hard business and will generate high enforcement cost to out weight the benefit of the new institution.   

However we should not underestimate our capacity for institutional design and the dramatic change in society that can be generated by such design. Institutions will not only determine how we think and how we behave; but they can also determine the kind of goal we have in life by defining our identity. Identities which can be manipulated like national feeling, civic duty and professional identity can introduce restrain on moral hazard and can promote efficient work ethics (Chang, 2001; North, 1992, 1994; Granovetter, 1985; Dequech, 2002; Pagano, 1999). But they have to be used in the right manner, as human beings are not clean slit that can be filled anything (Pinker, 1997; Mezgebo, 2014). This is so because social science is built on biological foundation, as biology is built on chemical foundation of nature. We have to accept society and its powers, but society can be changed too, if done with care.



[1] There is a claim which states that institutions and organizations did not always exist as indivisible parallel view points of one social reality (Kirsten, et al., 2009; Chang, 2007). However institutions and organizations are actually two sides of one coin; and one cannot exist without the other.   
[2] Mind does not use abstract logic to think, but it uses mind senses. Those mind senses are foundation of observed common senses (Pinker, 1997). Common senses and mind senses are intentionally included here under institutions. The inclusion of mind senses and common senses under institutions will allow us to define internalized morality as institutions. This is in contradiction with Groenewegen et al. (1995) who insist on separating internalized morality from the institutional structure which organizes them. However such division is artificial and unpractical. 
[3] Decision making agents include individuals, households, firms, countries, communities, families, clans, friends and soon.
[4] Most economists, explicitly or implicitly, do assume either rationality or super rationality as true nature of human intelligence. For example Stigler and Becker (1977) do insist on assumption that an objectively defined stable preference, with capacity to make rational cost benefit analysis in imperfect information world, can explain human behavior. Farther more, Becker (1991) did conclude habit are informal rational contracts with life of past generations, given they are dominant way of life now. Even there is micro model, which try to explain the genesis of rational habit, which is developed by Becker and Murphy (1988) and Becker et al., (1991) to justify rationality of habit. However the level of rationality demand under such analysis is irrational itself, because it demands super rationality, which is only possible to almighty God (Pettit, 2002; Conlisk, 1996; Selten, 1999). From another angle the work of Hodgson (1997), Heiner (1983) and Hodgson and Knudsen (2004) did clearly show, when working with bounded intelligence that we have, use of habit and norms is more optimal than using rational analysis. Even the conclusion which states well adapted instincts, which lack foresight of humanity and which are common to all animals, are superior to reason is proven by prominent evolutionary psychologists Cosmides and Tooby (1994b) in their famous paper entitled “Better than Rational: Evolutionary Psychology and the Invisible Hand”. Even though work of Becker (1962), Becker and Murphy (1988), Pollak (1970) and Becker et al., (1991) in developing market behavior under irrationality and habit is path breaking; in case of habit and norms the authors tend to go around the wrong assumption they hold dear than admitting the self evident truth.  

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