Path Dependence and the Quest for Historical Economics: One More chorus of Ballad of QWERTY

Paul David

No _020, Oxford Economic and Social History Working Papers from University of Oxford, Department of Economics

Abstract: The term path dependence (PD) here refers to a dynamic property of allocative processes, pertaining to non-ergodic stochastic systems -- those whose asymptotic distributions evolve as a function of the history of the process itself. PD is shown to be neither necessary nor sufficient for the existence of market failure, although the two properties may arise from common structural features. A variety of stochastic models are PD and yet exhibit diverse properties in regard to predictability and lock-in. The taxonomy of path dependence propsed by S. J. Liebowitz and S. E. Margolis (1995), along with the latters interpretation of lock-in and accidents of history are shown at best to be of limited usefulness in the study historical phenomena, and misleading as to the possible implications of PF for economic policy analysis.

Date: 1997-11-01
References: Add references at CitEc
Citations: View citations in EconPapers (58)

Downloads: (external link)
https://www.nuff.ox.ac.uk/economics/history/

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:oxf:esohwp:_020

Access Statistics for this paper

More papers in Oxford Economic and Social History Working Papers from University of Oxford, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Anne Pouliquen ( this e-mail address is bad, please contact ).