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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.

Suggested Citation

  • Brian Loasby, 2005. "Entrepreneurship, Evolution and the Human Mind," Papers on Economics and Evolution 2005-13, Philipps University Marburg, Department of Geography.
  • Handle: RePEc:esi:evopap:2005-13
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    File URL: ftp://137.248.191.199/RePEc/esi/discussionpapers/2005-13.pdf
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    References listed on IDEAS

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    1. Ulrich Witt, 2002. "Generic Features of Evolution and Its Continuity -- a Transdisciplinary Perspective," Papers on Economics and Evolution 2002-10, Philipps University Marburg, Department of Geography.
    2. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
    3. Loasby, Brian J, 2000. "Decision Premises, Decision Cycles and Decomposition," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 709-731, December.
    4. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
    5. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-896, September.
    6. Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 161-182, October.
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    Cited by:

    1. S. Bhaduri & H. Worch, 2008. "Past Experience, Cognitive Frames, and Entrepreneurship: Some Econometric Evidence from the Indian Pharmaceutical Industry," Papers on Economics and Evolution 2008-04, Philipps University Marburg, Department of Geography.
    2. Procter, Roger, 2008. "Inside the Black box: Policies for Economic Growth," Occasional Papers 08/8, Ministry of Economic Development, New Zealand.
    3. Baltar, Fabiola & de Coulon, Sonia, 2014. "Dynamics of the entrepreneurial process: the innovative entrepreneur and the strategic decisions," Nülan. Deposited Documents 1878, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.

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