Knowledge as a Path-Dependence Process
AbstractBy following a new approach proposed by Cognitive and Neuroeconomics, this paper presents and extends that part of Hayek’s theory concerning knowledge in path-dependent terms, and shows that this is a fertile theory, opening new lines of inquiry for contemporary economics. In his theory of knowledge Hayek shows that the dynamics of economic change is path-dependent, in a different and more profound way than in the rest of the path-dependent literature. This literature deals with an important controversy, which will be also discussed and its specific and original meaning will be highlighted. As it will emerge, knowledge as a path-dependent process is consistent with cognitive theories of perception and learning and it plays a more important role than is traditionally assumed. Path-dependence is in fact always present in the cognitive dimension of perception and in individual decision-making processes, as well as in the processes of organizational innovation, and even in the macro-dimension of institutional change. Copyright Kluwer Academic Publishers 2004
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Bibliographic InfoArticle provided by Springer in its journal Journal of Bioeconomics.
Volume (Year): 6 (2004)
Issue (Month): 3 (09)
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Web page: http://www.springerlink.com/link.asp?id=103315
brain; cognitive economics; creativity; endogenous change; entrepreneurship; Hayek; learning; mind; neurobiology; neuroeconomics; perception;
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- Roberta Patalano, 2007. "Imagination and society. The affective side of institutions," Constitutional Political Economy, Springer, vol. 18(4), pages 223-241, December.
- Gigante, Anna Azzurra, 2013. "Institutional Cognitive Economics: some recent developments," MPRA Paper 48278, University Library of Munich, Germany.
- Lanteri, Alessandro & Yalcintas, Altug, 2006. "The Economics of Rhetoric: On Metaphors as Institutions," MPRA Paper 747, University Library of Munich, Germany.
- Roberta Patalano, 2010. "Understanding economic change: the impact of emotion," Constitutional Political Economy, Springer, vol. 21(3), pages 270-287, September.
- Chatterjee, Sidharta, 2011. "The Neuroeconomics of Learning and Information Processing; Applying Markov Decision Process," MPRA Paper 28883, University Library of Munich, Germany.
- Geoffrey Hodgson, 2007. "Taxonomizing the Relationship Between Biology and Economics: A Very Long Engagement," Journal of Bioeconomics, Springer, vol. 9(2), pages 169-185, August.
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