Intuition and Institutions. The Bounded Society
The importance of social variables not completely dependent on individual decisions, along with the bounded rationality of human beings, is fundamental in the progress of economic theory. In this paper the relation between intuition, as a mental process that allows mentally bounded individuals to solve complex problems, and institutions, as the rules society imposes on itself, is explored. The conclusion is that they are both representations of a same mental process. Both are redefined, in this sense, and some ideas about institutional change are put forward.
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