Knowledge, institutions, and evolution in economics /

Knowledge, institutions, and evolution in economics /

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Bibliographic Details
Author / Creator:	Loasby, Brian J.
Imprint:	London ; New York : Routledge, 1999.
Description:	1 online resource (xv, 168 pages)
Language:	English
Series:	The Graz Schumpeter lectures ; 2 Graz Schumpeter lectures ; 2.
Subject:	Information theory in economics. Economics -- Methodology. Knowledge, Theory of. Institutional economics. Evolutionary economics. Economics -- Methodology. Evolutionary economics. Information theory in economics. Institutional economics. Knowledge, Theory of.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11200973

Hidden Bibliographic Details
ISBN:	9780203459096 0203459091 9780415205375 0415205379 0203255712 9780203255711 9780415298100 0415298105 1134627246 9781134627240 1280317477 9781280317477 9786610317479 661031747X 0203459091 0415205379 0415298105
Digital file characteristics:	data file
Notes:	Includes bibliographical references (pages 150-159) and indexes. English. Print version record.
Summary:	In this volume, Brian J. Loasby explores how the limitations of human knowledge create opportunities as well as problems in the modern economy. Institutions emerge as a way of coping with the problems and helping to exploit the opportunities in an evolutionary process. However, this evolutionary process does not necessarily produce optimal results, making many of the optimisation techniques of modern economics less than useful. The volume also explores how the biological foundation of human cognition helps us to understand both the role of institutions and the nature of capabilities or performance skills, both individual and organisational. Transaction and governance costs alone are not an adequate basis for understanding economic organisation: this is to be explained by capabilities as well as transactions.
Other form:	Print version: Loasby, Brian J. Knowledge, institutions, and evolution in economics. London ; New York : Routledge, 1999

Description
Summary:	Winner of the Schumpeter Prize, 2000 and Winner of the Smith Prize in Austrian Economics, 2000, this book explores how the limitations of human knowledge create both opportunities and problems in the modern economy. The growing field of evolutionary economics has developed as a result of the traditional failure of the discipline to explain certain phenomena that impact greatly on the economy. These are:<br> Evolution - the impact on the economy of natural change over time<br> Institutions - the impact on the economy of government and/or company policy, rules and regulations<br> *Knowledge - the impact on the economy that is felt when new information becomes available<br> <br> Knowledge, Institutions and Evolution in Economics is a punchy overview of these topics and one that has become regarded as something of a modern classic that no serious social sciences academic or student should be without.
Physical Description:	1 online resource (xv, 168 pages)
Bibliography:	Includes bibliographical references (pages 150-159) and indexes.
ISBN:	9780203459096 0203459091 9780415205375 0415205379 0203255712 9780203255711 9780415298100 0415298105 1134627246 9781134627240 1280317477 9781280317477 9786610317479 661031747X