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Behavior and Cognition of Economic Actors in Evolutionary Economics

In: Foundations of Economic Change

Author

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  • Richard R. Nelson

    (Columbia University)

Abstract

An evolutionary perspective on the nature of economic activity requires a theory of human behavior and cognition that highlights human creativity and innovativeness, while at the same time recognizing that in many arenas of economic life change is slow and more routine aspects of behavior obtain. It is proposed that Herbert Simon’s conception of human behavior as largely “bounded rational” is capable of suiting both aspects. However, to be able to encompass the enormous advances humans have achieved over the years in their ability to meet a variety of wants, a theory of behavior and cognition suitable for evolutionary economics needs to recognize the evolving cultural context of economic behavior and cognition.

Suggested Citation

  • Richard R. Nelson, 2017. "Behavior and Cognition of Economic Actors in Evolutionary Economics," Economic Complexity and Evolution, in: Andreas Pyka & Uwe Cantner (ed.), Foundations of Economic Change, pages 51-67, Springer.
    • Handle: RePEc:spr:eccchp:978-3-319-62009-1_3
    DOI: 10.1007/978-3-319-62009-1_3
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