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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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    1. Peter Diamond & Hannu Vartiainen, 2007. "Introduction to Behavioral Economics and Its Applications," Introductory Chapters, in: Peter Diamond & Hannu Vartiainen (ed.),Behavioral Economics and Its Applications, Princeton University Press.
    2. Markus C. Becker, 2004. "Organizational routines: a review of the literature," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 13(4), pages 643-678, August.
    3. Richard Nelson & Davide Consoli, 2010. "An evolutionary theory of household consumption behavior," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 665-687, October.
    4. Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 17-38, January.
    5. Winter, Sidney G., 2014. "The future of evolutionary economics: can we break out of the beachhead?," Journal of Institutional Economics, Cambridge University Press, vol. 10(4), pages 613-644, December.
    6. Richard Nelson, 2012. "Why Schumpeter has had so little influence on today’s main line economics, and why this may be changing," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 901-916, November.
    7. 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.
    8. 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.
    9. Markus C. Becker, 2004. "Organizational routines : a review of the literature," Post-Print hal-00279010, HAL.
    10. Roberto Mazzoleni & Richard R. Nelson, 2013. "An interpretive history of challenges to neoclassical microeconomics and how they have fared," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(6), pages 1409-1451, December.
    Full references (including those not matched with items on IDEAS)

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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. Agnieszka Lipieta & Artur Lipieta, 2023. "Adjustment Processes Within Economic Evolution — Schumpeterian Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(3), pages 3221-3259, September.
    6. 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).
    7. Lipieta Agnieszka, 2018. "The role of imitative mechanisms within the economic evolution," Economics and Business Review, Sciendo, vol. 4(4), pages 64-82, November.
    8. 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.
    9. 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.
    10. repec:hal:cepnwp:hal-01486597 is not listed on IDEAS
    11. 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.
    12. 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.
    13. Frolov, Daniil, 2019. "The manifesto of post-institutionalism: institutional complexity research agenda," MPRA Paper 97662, University Library of Munich, Germany.
    14. 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.
    15. Uwe Cantner & Bart Verspagen, 2025. "Introduction to the papers of Richard Nelson in the Journal of Evolutionary Economics," Journal of Evolutionary Economics, Springer, vol. 35(2), pages 169-171, April.
    16. 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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    Keywords

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    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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