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Entrepreneurship, Evolution and the Human Mind

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  • 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.

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File URL: ftp://137.248.191.199/RePEc/esi/discussionpapers/2005-13.pdf
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Bibliographic Info

Paper provided by Philipps University Marburg, Department of Geography in its series Papers on Economics and Evolution with number 2005-13.

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Length: 20 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:esi:evopap:2005-13

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  1. Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 28(2), pages 161-182, October.
  2. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, American Economic Association, vol. 93(5), pages 1449-1475, December.
  3. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 99(397), pages 569-96, September.
  4. Loasby, Brian J, 2000. "Decision Premises, Decision Cycles and Decomposition," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 709-31, December.
  5. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 82(327), pages 883-96, September.
  6. Ulrich Witt, 2002. "Generic Features of Evolution and Its Continuity -- a Transdisciplinary Perspective," Papers on Economics and Evolution, Philipps University Marburg, Department of Geography 2002-10, Philipps University Marburg, Department of Geography.
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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. S. Bhaduri & H. Worch, 2008. "Past Experience, Cognitive Frames, and Entrepreneurship: Some Econometric Evidence from the Indian Pharmaceutical Industry," Papers on Economics and Evolution, Philipps University Marburg, Department of Geography 2008-04, Philipps University Marburg, Department of Geography.

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