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Economics and Cognitive Science

Douglass North

Economic History from University Library of Munich, Germany

Abstract: The neo-classical approach to analyzing the performance of an economy assumes that in the face of pervasive scarcity individuals make choices reflecting a set of desires, wants or preferences. But valuable as this model has been for the development of an elegant body of theory it is a very imperfect tool for solving economic problems both at a moment of time but particularly over time. The puzzle I seek to unravel is how do humans evolve and believe in theories in the face of uncertainty.

Keywords: cognitive; uncertainty; development (search for similar items in EconPapers)
JEL-codes: N (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-env, nep-evo and nep-pke
Date: 1996-12-05
Note: Type of Document - Word; prepared on PC;print on HP Laser; 8 pages
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