IDEAS home Printed from https://ideas.repec.org/a/spr/joevec/v11y2001i1p7-21.html
   My bibliography  Save this article

special issue: Cognition, imagination and institutions in demand creation

Author

Listed:
  • Brian J. Loasby

    (Department of Economics, University of Stirling, Stirling FK9 4LA, UK)

Abstract

Formal rationality plays a limited role in human cognition, which originated in the creation of patterns to interpret phenomena and link phenomena with action. The creation of new patterns rests on imagination, not logic, typically stimulated by a perceived inadequacy in established patterns. Internal routines of the brain and external institutions form structures of cognitive capital; the institutions of markets, including money prices, aid the development of consumption capital, which simplifies most choices and provides scope for selective experiment and innovation in creating goods. Such innovation depends on differences between individuals and changes in their circumstances.

Suggested Citation

  • Brian J. Loasby, 2001. "special issue: Cognition, imagination and institutions in demand creation," Journal of Evolutionary Economics, Springer, vol. 11(1), pages 7-21.
    • Handle: RePEc:spr:joevec:v:11:y:2001:i:1:p:7-21
    as

    Download full text from publisher

    File URL: http://link.springer.de/link/service/journals/00191/papers/1011001/10110007.pdf
    Download Restriction: Access to the full text of the articles in this series is restricted
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alessandro Morselli, 2023. "The Modernity of Keynesian Thinking on Economic Policy from an Institutional Perspective," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2023(2), pages 67-86.
    2. Carlos M. Fernández-Márquez & Francisco Fatas-Villafranca & Francisco J. Vázquez, 2017. "A computational consumer-driven market model: statistical properties and the underlying industry dynamics," Computational and Mathematical Organization Theory, Springer, vol. 23(3), pages 319-346, September.
    3. Kemp-Benedict, Eric, 2013. "Material needs and aggregate demand," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 16-26.
    4. Rinaldo Evangelista, 2018. "Technology and Economic Development: The Schumpeterian Legacy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(1), pages 136-153, March.
    5. Bleischwitz, Raimund, 2002. "Cognitive and institutional perspectives of eco effiency: A new research landscape towards factor four (or more)," Wuppertal Papers 123, Wuppertal Institute for Climate, Environment and Energy.
    6. Nathalie Lazaric & Vanessa Oltra, 2012. "Sustainable Consumption in an Evolutionary Framework: How to Foster Behavioural Change?," Chapters, in: Blandine Laperche & Nadine Levratto & Dimitri Uzunidis (ed.), Crisis, Innovation and Sustainable Development, chapter 3, Edward Elgar Publishing.
    7. Bleischwitz, Raimund, 2003. "Cognitive and institutional perspectives of eco-efficiency," Ecological Economics, Elsevier, vol. 46(3), pages 453-467, October.
    8. Jakob Kapeller & Bernhard Schütz & Stefan Steinerberger, 2013. "The impossibility of rational consumer choice," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 39-60, January.
    9. Nicolò Bellanca & Giovanni Canitano, 2007. "Made in Italy as a collective belief.A model of investment in stereotypes," Working Papers - Economics wp2007_05.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    10. Francisco Fatás‐Villafranca & Dulce Saura & Francisco J. Vázquez, 2007. "Emulation, Prevention And Social Interaction In Consumption Dynamics," Metroeconomica, Wiley Blackwell, vol. 58(4), pages 582-608, November.
    11. Jones, Geoffrey & Pitelis, Christos, 2015. "Entrepreneurial Imagination and a Demand and Supply-side Perspective on the MNE and Cross-border Organization," Journal of International Management, Elsevier, vol. 21(4), pages 309-321.
    12. Raimund Bleischwitz & Michael Latsch & Kristian Snorre Andersen, 2004. "Sustainable Development and Collective Learning: Theory and a European Case Study," Bruges European Economic Policy Briefings 7, European Economic Studies Department, College of Europe.
    13. Bleischwitz, Raimund, 2003. "Governance of sustainable development: Towards synergies between corporate and political governance strategies," Wuppertal Papers 132, Wuppertal Institute for Climate, Environment and Energy.
    14. Carlos M. Fernández-Márquez & Francisco Fatás-Villafranca & Francisco J. Vázquez, 2017. "Endogenous Demand and Demanding Consumers: A Computational Approach," Computational Economics, Springer;Society for Computational Economics, vol. 49(2), pages 307-323, February.

    More about this item

    Keywords

    Cognitive processes - Institutions - Consumption capital - Innovation;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joevec:v:11:y:2001:i:1:p:7-21. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.