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Cognition, capabilities and cooperation

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  • Brian J. Loasby

Abstract

In standard economics, coordination is a problem of efficient allocation of known resources to known ends, with an increasing emphasis on incentive-compatability. However, Adam Smith founded an alternative tradition, which was continued by Marshall and Penrose (among others), centred on coordinating processes of developing productive capabilities and decision making skills through the division of labour and the tendency to variation within each specialism. Underlying this tradition is the recognition of uncertainty and the limitations and potential of human cognition, which is a product of evolution. Economic organisation, management and entrepreneurship are responses to cognitive as well as incentive problems.

Suggested Citation

  • Brian J. Loasby, 2001. "Cognition, capabilities and cooperation," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 2(1), pages 35-47.
    • Handle: RePEc:ids:ijmdma:v:2:y:2001:i:1:p:35-47
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    Cited by:

    1. Mohamed Ech-Chebany & Anas Hattabou & Adil Ouatat, 2022. "Private governance and public governance: An attempt at theoretical and interdisciplinary rapprochement [La gouvernance privée et la gouvernance publique : Un essai de rapprochement théorique et in," Post-Print hal-03749792, HAL.
    2. Joseph Bozorgmehr, 2012. "Natural selection as a paradigm of opportunism in biology," Journal of Bioeconomics, Springer, vol. 14(1), pages 61-75, April.
    3. Gérard Charreaux, 2007. "Autofinancement, information et connaissance," Post-Print halshs-00187082, HAL.
    4. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.

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