Entrepreneurship, evolution and the human mind

Arbeitspapier

Schumpeterian 'development from within' requires imagination, skill and motivation; so does Cattaneo's 'psychology of wealth'. Neither can be encompassed by models that rely on deductive rationality, but are twin products of Knightian uncertainty, where the absence of demonstrably correct procedures allows individuals to create domain-limited mental structures. The human mind (as studied by Smith, Marshall and Hayek), is a product of biological evolution which supports the evolution of knowledge and of economic systems. These are non-biological processes; both require (fallible) bounds to uncertainty, which are provided by (evolving) formal and informal organisation, including institutions.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Papers on Economics and Evolution ; No. 0513

Classification and Topics

• Classification: Wirtschaft
• Subject: Unternehmer ; Kognition ; Evolutionsökonomik ; Schumpeterismus ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Loasby, Brian J.
• Event: Veröffentlichung
• (who): Max Planck Institute of Economics
• (where): Jena
• (when): 2005

Further information

• Handle: http://hdl.handle.net/10419/31862
• Last update: 10.03.2025, 11:44 AM CET