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Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Papers on Economics and Evolution No. 0513
Verlag: 
Max Planck Institute of Economics, Jena
Zusammenfassung: 
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.
Dokumentart: 
Working Paper

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