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Economics and Cognitive Science

Author

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  • Douglass C. North

    (Washington University)

Abstract

The neo-classical approach to analyzing the performance of an economy assumes that in the face of pervasive scarcity individuals make choices reflecting a set of desires, wants or preferences. But valuable as this model has been for the development of an elegant body of theory it is a very imperfect tool for solving economic problems both at a moment of time but particularly over time. The puzzle I seek to unravel is how do humans evolve and believe in theories in the face of uncertainty.

Suggested Citation

  • Douglass C. North, 1996. "Economics and Cognitive Science," Economic History 9612002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpeh:9612002
    Note: Type of Document - Word; prepared on PC;print on HP Laser; 8 pages
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    Citations

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    Cited by:

    1. Angela Ambrosino & Magda Fontana & Anna Azzurra Gigante, 2018. "Shifting Boundaries In Economics: The Institutional Cognitive Strand And The Future Of Institutional Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 767-791, July.
    2. Vaillant, Yancy, 2022. "Allocation of entrepreneurial and innovative talent: An economic model based on institutionally-driven relative rewards," TEC Empresarial, School of Business, Costa Rica Institute of Technology (ITCR), vol. 16(3), pages 1-15.
    3. Tilman Slembeck, 1999. "Low Information Games - Experimental Evidence on Learning in Ultimatum Bargaining," Experimental 9905001, University Library of Munich, Germany.
    4. Olsson, Ola, 2000. "A Microeconomic Analysis of Institutions," Working Papers in Economics 25, University of Gothenburg, Department of Economics.
    5. Łukasz Hardt, 2005. "Instytucje a koszty transakcyjne w nowej ekonomii instytucjonalnej," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1-2, pages 1-19.

    More about this item

    Keywords

    cognitive uncertainty development;

    JEL classification:

    • N - Economic History

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