Hidden Bibliographic Details
| ISBN: | 9780203459096
0203459091
9780415205375
0415205379
0203255712
9780203255711
9780415298100
0415298105
1134627246
9781134627240
1280317477
9781280317477
9786610317479
661031747X
0203459091
0415205379
0415298105
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| Digital file characteristics: | data file
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| Notes: | Includes bibliographical references (pages 150-159) and indexes.
English.
Print version record.
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| 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.
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| Other form: | Print version: Loasby, Brian J. Knowledge, institutions, and evolution in economics. London ; New York : Routledge, 1999
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