Knowledge, Institutions, and Evolution in Economics

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Overview

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:
*Evolution - the impact on the economy of natural change over time
*Institutions - the impact on the economy of government and/or company policy, rules and regulations
*Knowledge - the impact on the economy that is felt when new information becomes available

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.

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Editorial Reviews

Booknews
Investigates how the limitations of human knowledge create opportunities as well as problems in the modern economy, and explores how the biological foundation of human cognition helps us to understand both the role of institutions and the nature of individual and organizational capabilities and performance skills. Discusses the evolutionary process of the creation of institutions to cope with problems, and relates this process to reasons why optimization techniques of modern economics are not useful. Argues that transactions and governance costs are not an adequate basis for understanding economic organization. Annotation c. Book News, Inc., Portland, OR (booknew.com)
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Product Details

Meet the Author

Brian Loasby has held positions in Aberdeen, Birmingham, Bristol and Stirling, where he is currently Honorary Professor.

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Table of Contents

Foreword Preface Acknowledgements 1. The Problem of Knowledge 2. Selection and Evolution 3. Cognition and Institutions 4. Capabilities 5. Transactions and Governance 6. Economics Organisation 7. Understanding Markets
8. The division of Labour and the Growth of Knowledge Bibliography Index

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