What kind of microfoundations? Notes on the evolutionary approach

The microfoundations of economic models are a hotly debated topic in the literature. The debate is important because microfoundations —the ways in which agents decide and behave— have implications that go beyond a specific firm, market or activity; they strongly condition macroeconomic outcomes. Thi...

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Autores principales:	Cimoli, Mario, Porcile, Gabriel
Formato:	Texto
Lenguaje:	English
Publicado:	ECLAC 2015
Materias:	AJUSTE ESTRUCTURAL DESARROLLO ECONOMICO PRODUCTIVIDAD EMPRESAS INDUSTRIALES INNOVACIONES TECNOLOGICAS MODELOS DE DESARROLLO STRUCTURAL ADJUSTMENT ECONOMIC DEVELOPMENT PRODUCTIVITY INDUSTRIAL ENTERPRISES TECHNOLOGICAL INNOVATIONS DEVELOPMENT MODELS
Acceso en línea:	http://hdl.handle.net/11362/37758
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spelling	oai-11362-377582020-11-17T01:15:48Z What kind of microfoundations? Notes on the evolutionary approach Cimoli, Mario Porcile, Gabriel AJUSTE ESTRUCTURAL DESARROLLO ECONOMICO PRODUCTIVIDAD EMPRESAS INDUSTRIALES INNOVACIONES TECNOLOGICAS MODELOS DE DESARROLLO STRUCTURAL ADJUSTMENT ECONOMIC DEVELOPMENT PRODUCTIVITY INDUSTRIAL ENTERPRISES TECHNOLOGICAL INNOVATIONS DEVELOPMENT MODELS The microfoundations of economic models are a hotly debated topic in the literature. The debate is important because microfoundations —the ways in which agents decide and behave— have implications that go beyond a specific firm, market or activity; they strongly condition macroeconomic outcomes. This document addresses the classical problems of rationality, uncertainty and institutions: when there is Keynes-Knight uncertainty and rationality is bounded, decision making adopts the form of conventional rules or heuristics. The hyper-rational representative agent of the rational expectations world could generate highly misleading outcomes in macro models. Section 2 applies this discussion to the study of technical change and to innovation and diffusion of technology in the international system, which transform the patterns of specialization. Section 3 discusses the forces that may trap a country in a low-growth trap and the crucial role of institutions in escaping from this trap. Abstract .-- I. Rationality and institutions in an uncertain world .-- II. Learning the co-evolution of capabilities and the production structure .-- III. Structural inertia, lock-in and the role of institutions in escaping from a low-growth trap .-- IV. Institutions, power and Schumpeterian political economy .-- V. Combining the supply side and the demand side: learning and growth paths. 2015-03-10T14:13:29Z 2015-03-10T14:13:29Z 2015-01 Texto Documento Completo http://hdl.handle.net/11362/37758 LC/L.3955 en Serie Desarrollo Productivo 198 .pdf application/pdf AMERICA LATINA Y EL CARIBE LATIN AMERICA AND THE CARIBBEAN ECLAC
institution	Cepal
collection	Cepal
language	English
topic	AJUSTE ESTRUCTURAL DESARROLLO ECONOMICO PRODUCTIVIDAD EMPRESAS INDUSTRIALES INNOVACIONES TECNOLOGICAS MODELOS DE DESARROLLO STRUCTURAL ADJUSTMENT ECONOMIC DEVELOPMENT PRODUCTIVITY INDUSTRIAL ENTERPRISES TECHNOLOGICAL INNOVATIONS DEVELOPMENT MODELS
spellingShingle	AJUSTE ESTRUCTURAL DESARROLLO ECONOMICO PRODUCTIVIDAD EMPRESAS INDUSTRIALES INNOVACIONES TECNOLOGICAS MODELOS DE DESARROLLO STRUCTURAL ADJUSTMENT ECONOMIC DEVELOPMENT PRODUCTIVITY INDUSTRIAL ENTERPRISES TECHNOLOGICAL INNOVATIONS DEVELOPMENT MODELS Cimoli, Mario Porcile, Gabriel What kind of microfoundations? Notes on the evolutionary approach
description	The microfoundations of economic models are a hotly debated topic in the literature. The debate is important because microfoundations —the ways in which agents decide and behave— have implications that go beyond a specific firm, market or activity; they strongly condition macroeconomic outcomes. This document addresses the classical problems of rationality, uncertainty and institutions: when there is Keynes-Knight uncertainty and rationality is bounded, decision making adopts the form of conventional rules or heuristics. The hyper-rational representative agent of the rational expectations world could generate highly misleading outcomes in macro models. Section 2 applies this discussion to the study of technical change and to innovation and diffusion of technology in the international system, which transform the patterns of specialization. Section 3 discusses the forces that may trap a country in a low-growth trap and the crucial role of institutions in escaping from this trap.
format	Texto
author	Cimoli, Mario Porcile, Gabriel
author_facet	Cimoli, Mario Porcile, Gabriel
author_sort	Cimoli, Mario
title	What kind of microfoundations? Notes on the evolutionary approach
title_short	What kind of microfoundations? Notes on the evolutionary approach
title_full	What kind of microfoundations? Notes on the evolutionary approach
title_fullStr	What kind of microfoundations? Notes on the evolutionary approach
title_full_unstemmed	What kind of microfoundations? Notes on the evolutionary approach
title_sort	what kind of microfoundations? notes on the evolutionary approach
publisher	ECLAC
publishDate	2015
url	http://hdl.handle.net/11362/37758
work_keys_str_mv	AT cimolimario whatkindofmicrofoundationsnotesontheevolutionaryapproach AT porcilegabriel whatkindofmicrofoundationsnotesontheevolutionaryapproach
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What kind of microfoundations? Notes on the evolutionary approach

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