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Economic Change, Subjective Perception and Institutional Evolution
Author(s) -
Rizzello Salvatore
Publication year - 2000
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/1467-999x.00084
Subject(s) - perception , evolutionary economics , imperfect , evolutionary psychology , economics , positive economics , cognition , evolutionary theory , path dependence , selection (genetic algorithm) , cognitive science , epistemology , neoclassical economics , sociology , psychology , social psychology , computer science , artificial intelligence , philosophy , neuroscience , linguistics
Following Hayek's intuitions on the role of subjective perception in economics, I attempt to integrate path‐dependent dynamics in evolutionary economics, as emerging in the recent theorizing about economic change. The starting point is an open question in evolutionary economics: is there a unifying principle which characterizes change at individual, organizational and institutional levels? In the attempt to answer this question, I propose some considerations on the nature of learning processes and on the mechanisms of adjustment, discovery and selection that are consistent with cognitive psychology and contemporary neurobiology. In particular, I link imperfect perception to guided variations, like those contained in Dosi's technological paradigms. More generally, I attempt to integrate the evolutionary theory as conceived by Nelson and Winter with the evolutionary theory as conceived by Hayek.