Following Hayek's intuitions on the role of subjective perception in economics, I attempt to integrate path-dependent dynamics in evolutionary economics, as emerging in the recent theorizing about economic change. The starting point is an open question in evolutionary economics: is there a...

1. Origins of the economy as collective activity -- 2. Custom and path-dependence. Social capital as accumulation factor -- 3. The role of the state in economic development -- 4. Competition in Enlightenment economists -- 5. On the productiveness of welfare expenditures -- 6. Keynesian Policy...

The Economics of the Mind addresses economics from the perspective of real men and women: how they assess things, decide and act. It looks at the choices we make, and calls for the assumptions which make up the foundations of economic theory to be consistent with the mechanisms which guide the...

The crucial importance of institutional analysis in economics and the social sciences in general is well understood. Yet, institutional economists have only a limited understanding of individual behavior in institutional settings, the emergence and spread of innovative behavior, and how...