 Custom and Path Dependence in EconomicsSalvatore Rizzello
Chapter Chapter 3 in Human Capital, 2023, pp 37-62 from Springer Abstract: Abstract This chapter deals with the role of customs in economics. With few exceptions, economists reserved scarce interest in this topic. Some classical authors counterposed custom to market competition while considering the former as limiting development and the latter as progressing it. By following cognitive economics, and particularly Schlicht’s idea that custom derives from a predisposition of the human mind to clarity, this chapter avoids that dichotomy by investigating the real relationship between them and its relevant implications for economics. In this framework, path dependence emerges as a unifying element which permeates the indissoluble and complex process and, starting from the construction of personal knowledge, reaches the social dimension of customs. This leads to meaningful perspectives for economic analysis, especially in reference to uncertainty, free will and efficacy. On a methodological level, the idea of a complete return of economics to social sciences is also supported. Keywords: Custom; Cognitive economics; Routine; Uncertainty; Free will (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-34494-7_3 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-34494-7_3 Access Statistics for this chapter More chapters in Springer Books from Springer |
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