Knowledge as a Path-Dependence Process
Salvatore Rizzello ()
Journal of Bioeconomics, 2004, vol. 6, issue 3, 255-274
By following a new approach proposed by Cognitive and Neuroeconomics, this paper presents and extends that part of Hayek’s theory concerning knowledge in path-dependent terms, and shows that this is a fertile theory, opening new lines of inquiry for contemporary economics. In his theory of knowledge Hayek shows that the dynamics of economic change is path-dependent, in a different and more profound way than in the rest of the path-dependent literature. This literature deals with an important controversy, which will be also discussed and its specific and original meaning will be highlighted. As it will emerge, knowledge as a path-dependent process is consistent with cognitive theories of perception and learning and it plays a more important role than is traditionally assumed. Path-dependence is in fact always present in the cognitive dimension of perception and in individual decision-making processes, as well as in the processes of organizational innovation, and even in the macro-dimension of institutional change. Copyright Kluwer Academic Publishers 2004
Keywords: brain; cognitive economics; creativity; endogenous change; entrepreneurship; Hayek; learning; mind; neurobiology; neuroeconomics; perception (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jbioec:v:6:y:2004:i:3:p:255-274
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