Economics and Cognitive Science
Douglass C. North
Washington University in Saint Louis - Department of Economics
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.
JEL Classification: N01, O20working papers series
Date posted: September 1, 1999
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