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• W3148963931 abstract "Abstract Substantial differences in productivity, accompanied by growing social and political discontent, have widened across UK regions in the last 40 years, creating a dysfunctional spatial equilibrium; a coordination failure that has so far proved resistant to change. In this paper, we link such persistent regional disequilibria with current socio-psychological theories about the role of narrative in decision-making under radical uncertainty to explore how and why ideas held collectively within a social network can become the coordinating device for a range of decisions within networked communities that have extra-market effects (externalities), analogous to the role that prices play within markets. Drawing on findings from a pilot interview study in two UK regions, we show the potential for local leadership to use well-constructed narratives to coordinate fragmented agents to cooperate on a common purpose and more generally propose a framework to understand how low-income equilibria become stable but might be re-set. In this way we bring new insights into the need for an expanded economic theory of knowledge applicable to expectation and preference formation in conditions of radical uncertainty." @default.
• W3148963931 created "2021-04-13" @default.
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• W3148963931 date "2021-03-01" @default.
• W3148963931 modified "2023-10-14" @default.
• W3148963931 title "Narratives as a coordinating device for reversing regional disequilibrium" @default.
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• W3148963931 doi "https://doi.org/10.1093/oxrep/graa060" @default.
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