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Behavior and cognition of economic actors in evolutionary economics

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  • Richard R. Nelson

    (Columbia University)

Abstract

An evolutionary perspective on the nature of economic activity requires a theory of human behavior and cognition that highlights human creativity and innovativeness, while at the same time recognizing that in many arenas of economic life change is slow and more routine aspects of behavior obtain. It is proposed that Herbert Simon’s conception of human behavior as largely “bounded rational” is capable of suiting both aspects. However, to be able to encompass the enormous advances humans have achieved over the years in their ability to meet a variety of wants, a theory of behavior and cognition suitable for evolutionary economics needs to recognize the evolving cultural context of economic behavior and cognition.

Suggested Citation

  • Richard R. Nelson, 2016. "Behavior and cognition of economic actors in evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 26(4), pages 737-751, October.
    • Handle: RePEc:spr:joevec:v:26:y:2016:i:4:d:10.1007_s00191-015-0431-7
    DOI: 10.1007/s00191-015-0431-7
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    References listed on IDEAS

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    11. Hodgson, Geoffrey M. & Stoelhorst, J. W., 2014. "Introduction to the special issue on the future of institutional and evolutionary economics," Journal of Institutional Economics, Cambridge University Press, vol. 10(4), pages 513-540, December.
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    13. Nelson, Katherine & Nelson, Richard R., 2002. "Erratum to "On the nature and evolution of human know-how" [Research Policy 31 (2002) 719-733]," Research Policy, Elsevier, vol. 31(8-9), pages 1510-1510, December.
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    Cited by:

    1. Pascal Seppecher & Isabelle L Salle & Marc Lavoie, 2018. "What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 1045-1067.
    2. Agnieszka Lipieta & Elżbieta Pliś, 2022. "Diversity and mechanisms of economic evolution," Journal of Evolutionary Economics, Springer, vol. 32(4), pages 1265-1286, September.
    3. Polowczyk Jan, 2021. "A synthesis of evolutionary and behavioural economics," Economics and Business Review, Sciendo, vol. 7(3), pages 16-34, September.
    4. Klapkiv Lyubov & Ulgen Faruk, 2022. "An Evolutionary Perspective on the Endogenous Instability of Capitalist Dynamics," Central European Economic Journal, Sciendo, vol. 9(56), pages 291-308, January.
    5. Braganza, Oliver, 2022. "Market paternalism: Do people really want to be nudged towards consumption?," ifso working paper series 23, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    6. Lipieta Agnieszka, 2018. "The role of imitative mechanisms within the economic evolution," Economics and Business Review, Sciendo, vol. 4(4), pages 64-82, November.
    7. Christian Cordes, 2019. "The promises of a naturalistic approach: how cultural evolution theory can inform (evolutionary) economics," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1241-1262, September.
    8. Agnieszka Lipieta & Andrzej Malawski, 2021. "Eco-mechanisms within economic evolution: Schumpeterian approach," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 10(1), pages 1-31, December.
    9. Foster, John, 2021. "In search of a suitable heuristic for evolutionary economics: from generalized Darwinism to economic self-organisation," MPRA Paper 106146, University Library of Munich, Germany.
    10. Gabriel A. Giménez Roche & Didier Calcei, 2021. "The role of demand routines in entrepreneurial judgment," Small Business Economics, Springer, vol. 56(1), pages 209-235, January.
    11. Frolov, Daniil, 2019. "The manifesto of post-institutionalism: institutional complexity research agenda," MPRA Paper 97662, University Library of Munich, Germany.
    12. Franco Malerba & Maureen McKelvey, 2020. "Knowledge-intensive innovative entrepreneurship integrating Schumpeter, evolutionary economics, and innovation systems," Small Business Economics, Springer, vol. 54(2), pages 503-522, February.
    13. Frolov, Daniil, 2019. "Постинституционализм: Программа Исследований За Пределами Институционального Мейнстрима [Post-institutionalism: research program beyond the institutional mainstream]," MPRA Paper 92328, University Library of Munich, Germany.

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    More about this item

    Keywords

    Evolutionary economics; Schumpeter; Herbert Simon; Behavioral economics; Cultural evolution;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • A10 - General Economics and Teaching - - General Economics - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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