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special issue: Cognition, imagination and institutions in demand creation

Author

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  • Brian J. Loasby

    (Department of Economics, University of Stirling, Stirling FK9 4LA, UK)

Abstract

Formal rationality plays a limited role in human cognition, which originated in the creation of patterns to interpret phenomena and link phenomena with action. The creation of new patterns rests on imagination, not logic, typically stimulated by a perceived inadequacy in established patterns. Internal routines of the brain and external institutions form structures of cognitive capital; the institutions of markets, including money prices, aid the development of consumption capital, which simplifies most choices and provides scope for selective experiment and innovation in creating goods. Such innovation depends on differences between individuals and changes in their circumstances.

Suggested Citation

  • Brian J. Loasby, 2001. "special issue: Cognition, imagination and institutions in demand creation," Journal of Evolutionary Economics, Springer, vol. 11(1), pages 7-21.
    • Handle: RePEc:spr:joevec:v:11:y:2001:i:1:p:7-21
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    Citations

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    Cited by:

    1. Kemp-Benedict, Eric, 2013. "Material needs and aggregate demand," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 16-26.
    2. Rinaldo Evangelista, 2018. "Technology and Economic Development: The Schumpeterian Legacy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(1), pages 136-153, March.
    3. Bleischwitz, Raimund, 2002. "Cognitive and institutional perspectives of eco effiency: A new research landscape towards factor four (or more)," Wuppertal Papers 123, Wuppertal Institute for Climate, Environment and Energy.
    4. Nathalie Lazaric & Vanessa Oltra, 2012. "Sustainable Consumption in an Evolutionary Framework: How to Foster Behavioural Change?," Chapters, in: Blandine Laperche & Nadine Levratto & Dimitri Uzunidis (ed.), Crisis, Innovation and Sustainable Development, chapter 3, Edward Elgar Publishing.
    5. Bleischwitz, Raimund, 2003. "Cognitive and institutional perspectives of eco-efficiency," Ecological Economics, Elsevier, vol. 46(3), pages 453-467, October.
    6. Jakob Kapeller & Bernhard Schütz & Stefan Steinerberger, 2013. "The impossibility of rational consumer choice," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 39-60, January.
    7. Carlos M. Fernández-Márquez & Francisco Fatas-Villafranca & Francisco J. Vázquez, 2017. "A computational consumer-driven market model: statistical properties and the underlying industry dynamics," Computational and Mathematical Organization Theory, Springer, vol. 23(3), pages 319-346, September.
    8. Nicolò Bellanca & Giovanni Canitano, 2007. "Made in Italy as a collective belief.A model of investment in stereotypes," Working Papers - Economics wp2007_05.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    9. Francisco Fatás‐Villafranca & Dulce Saura & Francisco J. Vázquez, 2007. "Emulation, Prevention And Social Interaction In Consumption Dynamics," Metroeconomica, Wiley Blackwell, vol. 58(4), pages 582-608, November.
    10. Jones, Geoffrey & Pitelis, Christos, 2015. "Entrepreneurial Imagination and a Demand and Supply-side Perspective on the MNE and Cross-border Organization," Journal of International Management, Elsevier, vol. 21(4), pages 309-321.
    11. Raimund Bleischwitz & Michael Latsch & Kristian Snorre Andersen, 2004. "Sustainable Development and Collective Learning: Theory and a European Case Study," Bruges European Economic Policy Briefings 7, European Economic Studies Department, College of Europe.
    12. Bleischwitz, Raimund, 2003. "Governance of sustainable development: Towards synergies between corporate and political governance strategies," Wuppertal Papers 132, Wuppertal Institute for Climate, Environment and Energy.
    13. Carlos M. Fernández-Márquez & Francisco Fatás-Villafranca & Francisco J. Vázquez, 2017. "Endogenous Demand and Demanding Consumers: A Computational Approach," Computational Economics, Springer;Society for Computational Economics, vol. 49(2), pages 307-323, February.

    More about this item

    Keywords

    Cognitive processes - Institutions - Consumption capital - Innovation;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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