Path Dependency

Mark Setterfield

No 1521, Working Papers from New School for Social Research, Department of Economics

Abstract: Path dependency is defined, and three different specific concepts of path dependency – cumulative causation, lock in, and hysteresis – are analyzed. The relationships between path dependency and equilibrium, and path dependency and fundamental uncertainty are also discussed. Finally, a typology of dynamical systems is developed to clarify these relationships.

Keywords: Path dependency; cumulative causation; lock in; hysteresis; equilibrium; fundamental uncertainty; resilience (search for similar items in EconPapers)
JEL-codes: B41 C65 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2015-09
New Economics Papers: this item is included in nep-pke
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http://www.economicpolicyresearch.org/econ/2015/NSSR_WP_212015.pdf First version, 2015 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:new:wpaper:1521

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