Behavior and Cognition of Economic Actors in Evolutionary Economics

Richard R. Nelson ()
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Richard R. Nelson: Columbia University

A chapter in Foundations of Economic Change, 2017, pp 51-67 from Springer

Abstract: Abstract An evolutionary perspective on the nature of economic activity requires a theory of human behavior and cognition that highlights human creativity and innovativeness, while at the same time recognizing that in many arenas of economic life change is slow and more routine aspects of behavior obtain. It is proposed that Herbert Simon’s conception of human behavior as largely “bounded rational” is capable of suiting both aspects. However, to be able to encompass the enormous advances humans have achieved over the years in their ability to meet a variety of wants, a theory of behavior and cognition suitable for evolutionary economics needs to recognize the evolving cultural context of economic behavior and cognition.

Keywords: Understanding Economic Behavior; Rational Behavior Theory; Schumpeterian Economics; Innovation Going; Neoclassical Theory (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-319-62009-1_3

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DOI: 10.1007/978-3-319-62009-1_3

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