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Title: Bread and Bullet

Author(s): George Akerlof and Dennis J. Snower

Publication Date: February 2016

Keyword(s): attention, identity, motivation, Narrative, prediction and social assignment

Programme Area(s): Macroeconomics and Growth

Abstract: Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities; defining power relations; and establishing and conveying social norms. This paper describes the role narratives play in decision making, as it also juxtaposes this description against the backdrop of the Bolshevik-spawned narrative that played a critical role in the history of Russia and the Soviet Union in the 20th Century.

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Bibliographic Reference

Akerlof, G and Snower, D. 2016. 'Bread and Bullet'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=11132