Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31862
Authors: 
Loasby, Brian J.
Year of Publication: 
2005
Series/Report no.: 
Papers on economics and evolution 0513
Abstract: 
Schumpeterian 'development from within' requires imagination, skill and motivation; so does Cattaneo's 'psychology of wealth'. Neither can be encompassed by models that rely on deductive rationality, but are twin products of Knightian uncertainty, where the absence of demonstrably correct procedures allows individuals to create domain-limited mental structures. The human mind (as studied by Smith, Marshall and Hayek), is a product of biological evolution which supports the evolution of knowledge and of economic systems. These are non-biological processes; both require (fallible) bounds to uncertainty, which are provided by (evolving) formal and informal organisation, including institutions.
Document Type: 
Working Paper

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