The Conventions Theory is a sociological theory that explains how people agree on certain practices and meanings within a social group or society. The theory was first introduced by sociologist Harold Garfinkel in the 1960s.
According to the Conventions Theory, social order is not imposed from above by institutions or individuals, but rather emerges from the shared understandings and practices of the members of a society or social group. These shared understandings and practices are called "conventions", and they include the meanings people attach to words, gestures, symbols, and other cultural artifacts.
Conventions are not fixed or universal, but rather are subject to negotiation, reinterpretation, and change over time. People use conventions to create and maintain social order, but they can also challenge and change conventions to create new social practices and meanings.
The Conventions Theory has been influential in the fields of sociology, anthropology, and linguistics, as it emphasizes the importance of shared meanings and practices in shaping social life. The theory has also been used to explain how social movements and subcultures challenge dominant conventions and create new cultural practices and identities.
In economics, conventions are used to manipulate people.
Professional investors establish conventions, then informed investors reinforce them, and finally Noise Traders join the euphoria when it's too late.
Status:: #wiki/notes/mature
Plantations:: Sociology
References:: L'art du trading