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Path dependence

Author

Listed:
  • Gräbner-Radkowitsch, Claudius
  • Kapeller, Jakob

Abstract

This short paper explains the theory of path dependence and clarifies its relation to concepts such as positive feedback or lock-in, arguing that path dependence is a core theoretical element of political economy in general, and institutional and evolutionary economics in particular. We first clarify the core conceptual elements of path dependence, show how it is relevant in a wide variety of problems and approaches, and situate these diverse applications in a common theoretical understanding that can be synthesized as a general mechanism. We then discuss the different ways in which path dependence has been theorized in evolutionary-institutional economics and related schools of thought. Finally, we present some archetypical models of path dependent processes.

Suggested Citation

  • Gräbner-Radkowitsch, Claudius & Kapeller, Jakob, 2024. "Path dependence," ifso working paper series 36, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    • Handle: RePEc:zbw:ifsowp:300261
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    File URL: https://www.econstor.eu/bitstream/10419/300261/1/1895244501.pdf
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    Other versions of this item:

    • Claudius Graebner Radkowitsch & Jakob Kapeller, 2024. "Path Dependence," ICAE Working Papers 154, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

    More about this item

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B55 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Social Economics
    • C69 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Other

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