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Habits and Cognition: Exploring the Process of Institutional Reform

In: Between Markets and Governments

Author

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  • Konstantinos Loizos

    (Centre of Planning and Economic Research (KEPE))

Abstract

This chapter reviews the ideas of Thorstein Veblen and Douglass North concerning institutional formation and change. The emphasis is placed on the notions of habit formation, learning, and culture on the one hand and cognitive processes and revision of beliefs on the other hand. The problematic of individual perception as opposed to collective action for change will also be explored in an attempt to sketch a theoretical context for understanding development banks’ role in institutional development.

Suggested Citation

  • Konstantinos Loizos, 2025. "Habits and Cognition: Exploring the Process of Institutional Reform," Springer Books, in: Between Markets and Governments, chapter 0, pages 101-134, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-88527-3_5
    DOI: 10.1007/978-3-031-88527-3_5
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