Knowledge, Institutions and Evolution in Economics
- ISBN-10
- 1134627246
- ISBN-13
- 9781134627240
- Category
- Business & Economics
- Pages
- 192
- Language
- English
- Published
- 2002-09-26
- Publisher
- Routledge
- Author
- Brian Loasby
Description
In this volume, Brian J. Loasby explores how the limitations of human knowledge create opportunities as well as problems in the modern economy. Institutions emerge as a way of coping with the problems and helping to exploit the opportunities in an evolutionary process. However, this evolutionary process does not necessarily produce optimal results, making many of the optimisation techniques of modern economics less than useful. The volume also explores how the biological foundation of human cognition helps us to understand both the role of institutions and the nature of capabilities or performance skills, both individual and organisational. Transaction and governance costs alone are not an adequate basis for understanding economic organisation: this is to be explained by capabilities as well as transactions.
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