Economics and Cognitive Science

Posted: 1 Sep 1999

See all articles by Douglass C. North

Douglass C. North

Washington University in St. Louis - Department of Economics

Date Written: Undated

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.

JEL Classification: N01, O20

Suggested Citation

North, Douglass C., Economics and Cognitive Science (Undated). Available at SSRN: https://ssrn.com/abstract=5091

Douglass C. North (Contact Author)

Washington University in St. Louis - Department of Economics ( email )

One Brookings Drive
St. Louis, MO 63130
United States
314-935-5809 (Phone)
Not Available (Fax)

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