Entrepreneurship, evolution and the human mind
Brian J. Loasby ()
Additional contact information
Brian J. Loasby: University of Stirling
A chapter in Innovation, Industrial Dynamics and Structural Transformation, 2007, pp 29-47 from Springer
Abstract:
Abstract Schumpeterian ‘development from within’ requires imagination, skill and motivation; so does Cattaneo’s ‘psychology of wealth’. Neither can be encompassed by models that rely on deductive rationality, but are twin products of Knightian uncertainty, where the absence of demonstrably correct procedures allows individuals to create domain-limited mental structures. The human mind (as studied by Smith, Marshall and Hayek), is a product of biological evolution which supports the evolution of knowledge and of economic systems. These are non-biological processes; both require (fallible) bounds to uncertainty, which are provided by (evolving) formal and informal organisation, including institutions.
Keywords: Intelligence; Uncertainty; Imagination; Domain-limitation; Organisation (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations:
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-49465-2_3
Ordering information: This item can be ordered from
http://www.springer.com/9783540494652
DOI: 10.1007/978-3-540-49465-2_3
Access Statistics for this chapter
More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().