IDEAS home Printed from https://ideas.repec.org/p/esi/evopap/2005-13.html
   My bibliography  Save this paper

Entrepreneurship, Evolution and the Human Mind

Author

Listed:
  • Brian Loasby

Abstract

Schumpeterian 'development from within' requires imagination, skill and motivation; so does Cattaneo's 'psychology of wealth'. Neither can be encompassed by models that rely on deductive rationality, but are twin products of Knightian uncertainty, where the absence of demonstrably correct procedures allows individuals to create domain-limited mental structures. The human mind (as studied by Smith, Marshall and Hayek), is a product of biological evolution which supports the evolution of knowledge and of economic systems. These are non-biological processes; both require (fallible) bounds to uncertainty, which are provided by (evolving) formal and informal organisation, including institutions.

Suggested Citation

  • Brian Loasby, 2005. "Entrepreneurship, Evolution and the Human Mind," Papers on Economics and Evolution 2005-13, Philipps University Marburg, Department of Geography.
    • Handle: RePEc:esi:evopap:2005-13
    as

    Download full text from publisher

    File URL: ftp://137.248.191.199/RePEc/esi/discussionpapers/2005-13.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jason Potts, 2000. "The New Evolutionary Microeconomics," Books, Edward Elgar Publishing, number 2258.
    2. Loasby, Brian J, 2000. "Decision Premises, Decision Cycles and Decomposition," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 9(4), pages 709-731, December.
    3. Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 161-182, October.
    4. Ulrich Witt, 2002. "Generic Features of Evolution and Its Continuity -- a Transdisciplinary Perspective," Papers on Economics and Evolution 2002-10, Philipps University Marburg, Department of Geography.
    5. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
    6. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
    7. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-896, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Procter, Roger, 2008. "Inside the Black box: Policies for Economic Growth," Occasional Papers 08/8, Ministry of Economic Development, New Zealand.
    2. Baltar, Fabiola & de Coulon, Sonia, 2014. "Dynamics of the entrepreneurial process: the innovative entrepreneur and the strategic decisions," Nülan. Deposited Documents 1878, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    3. S. Bhaduri & H. Worch, 2008. "Past Experience, Cognitive Frames, and Entrepreneurship: Some Econometric Evidence from the Indian Pharmaceutical Industry," Papers on Economics and Evolution 2008-04, Philipps University Marburg, Department of Geography.
    4. Caroline Gerschlager, 2012. "Agents of change," Journal of Evolutionary Economics, Springer, vol. 22(3), pages 413-441, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brian J. Loasby, 2001. "Industrial Dynamics Why Connections Matter," DRUID Working Papers 01-09, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    2. Consoli, Davide & Patrucco, Pierpaolo, 2004. "The Knowledge Trade-Off: Circulation, Growth and the Role of Knowledge-Intensive Business Services in Urban Innovation Systems," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200402, University of Turin.
    3. Patrucco, Pier Paolo, 2008. "Complexity and Organizational Change in the Coordination of Technological Knowledge: Evidence from the Automobile Cluster in Turin," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200808, University of Turin.
    4. Davide Consoli & Pier Paolo Patrucco, 2011. "Complexity and the Coordination of Technological Knowledge: The Case of Innovation Platforms," Chapters, in: Handbook on the Economic Complexity of Technological Change, chapter 8 Edward Elgar Publishing.
    5. Colombo, Massimo G. & Garrone, Paola, 1998. "Common carriers' entry into multimedia services," Information Economics and Policy, Elsevier, vol. 10(1), pages 77-105, March.
    6. Stan Metcalfe, "undated". "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.
    7. Bougrain, Frederic & Haudeville, Bernard, 2002. "Innovation, collaboration and SMEs internal research capacities," Research Policy, Elsevier, vol. 31(5), pages 735-747, July.
    8. Richard Arena & Pierre Garrouste, 2007. "Market or Markets?," ICER Working Papers 35-2007, ICER - International Centre for Economic Research.
    9. Brian Loasby, 1999. "Making Connections - A Review of Neil M. Kay, Pattern in Corporate Evolution," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(3), pages 439-452.
    10. Pier Paolo Patrucco, 2012. "Innovative Platforms, Complexity and the Knowledge Intensive Firm," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 26, Edward Elgar Publishing.
    11. Brendan Markey-Towler, 2018. "A formal psychological theory for evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 28(4), pages 691-725, September.
    12. Messaoud Zouikri & Mounir Amdaoud, 2018. "Compétences externes et innovation: le cas des firmes de l'industrie manufacturière algérienne," EconomiX Working Papers 2018-37, University of Paris Nanterre, EconomiX.
    13. Rocha, Frederico, 1997. "Inter-Firm Technological Cooperation Effects of Absorptive Capacity, Firm-Size and Specialization," UNU-INTECH Discussion Paper Series 1997-07, United Nations University - INTECH.
    14. Harabi, Najib, 1994. "Technischer Fortschritt in der Schweiz: Empirische Ergebnisse aus industrieökonomischer Sicht [Technischer Fortschritt in der Schweiz:Empirische Ergebnisse aus industrieökonomischer Sicht]," MPRA Paper 6725, University Library of Munich, Germany.
    15. Brendan Markey-Towler & John Foster, 2013. "Understanding the causes of income inequality in complex economic systems," Discussion Papers Series 478, School of Economics, University of Queensland, Australia.
    16. GROSSE Olivier & SEVI Benoît, 2005. "Dérégulation et R&D dans le secteur énergétique européen," Cahiers du CREDEN (CREDEN Working Papers) 05.07.59, CREDEN (Centre de Recherche en Economie et Droit de l'Energie), Faculty of Economics, University of Montpellier 1.
    17. Harry Bloch & Stan Metcalfe, 2011. "Complexity in the Theory of the Developing Firm," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 3, Edward Elgar Publishing.
    18. Patrucco, Pier Paolo, 2013. "Innovation Platforms, Complexity and the Knowledge-Intensive Firm," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201316, University of Turin.
    19. Mark Knell, 2021. "The digital revolution and digitalized network society," Review of Evolutionary Political Economy, Springer, vol. 2(1), pages 9-25, April.
    20. Paul L. Robertson & Tony F. Yu, 2001. "Firm strategy, innovation and consumer demand: a market process approach," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 22(4-5), pages 183-199.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:esi:evopap:2005-13. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christoph Mengs (email available below). General contact details of provider: https://edirc.repec.org/data/vamarde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.