What kind of microfoundations? Notes on the evolutionary approach

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/L.3955
cepal.divisionEngProduction, Productivity and Management Division
cepal.divisionSpaDivisión de Desarrollo Productivo y Empresarial
cepal.docTypeSeries
cepal.jobNumberS1500085_en
cepal.sdg8
cepal.sdg1
cepal.sdg10
cepal.sdg9
cepal.sdg17
cepal.topicEngBUSINESS STRATEGIES
cepal.topicEngINNOVATION, SCIENCE AND TECHNOLOGY
cepal.topicEngSTRUCTURAL CHANGE
cepal.topicSpaCAMBIO ESTRUCTURAL
cepal.topicSpaESTRATEGIAS EMPRESARIALES
cepal.topicSpaINNOVACIÓN, CIENCIA Y TECNOLOGÍA
cepal.workareaEngPRODUCTION, PRODUCTIVITY AND MANAGEMENT
cepal.workareaSpaDESARROLLO PRODUCTIVO Y EMPRESARIAL
dc.contributor.authorCimoli, Mario
dc.contributor.authorPorcile, Gabriel
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.date.accessioned2015-03-10T14:13:29Z
dc.date.available2015-03-10T14:13:29Z
dc.date.issued2015-01
dc.description.abstractThe 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.
dc.description.tableOfContentsAbstract .-- 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.
dc.formatTexto
dc.format.extent29 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/L.3955
dc.identifier.urihttps://hdl.handle.net/11362/37758
dc.language.isoeng
dc.physicalDescription29 p.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Desarrollo Productivo
dc.relation.isPartOfSeriesNo198
dc.rights.coarDisponible
dc.subject.unbisEngSTRUCTURAL ADJUSTMENT
dc.subject.unbisEngECONOMIC DEVELOPMENT
dc.subject.unbisEngPRODUCTIVITY
dc.subject.unbisEngINDUSTRIAL ENTERPRISES
dc.subject.unbisEngTECHNOLOGICAL INNOVATIONS
dc.subject.unbisEngDEVELOPMENT MODELS
dc.subject.unbisSpaAJUSTE ESTRUCTURAL
dc.subject.unbisSpaDESARROLLO ECONOMICO
dc.subject.unbisSpaPRODUCTIVIDAD
dc.subject.unbisSpaEMPRESAS INDUSTRIALES
dc.subject.unbisSpaINNOVACIONES TECNOLOGICAS
dc.subject.unbisSpaMODELOS DE DESARROLLO
dc.titleWhat kind of microfoundations? Notes on the evolutionary approach
dc.type.coarlibro
dspace.entity.typePublication
relation.isAuthorOfPublicationc86704c3-857e-4aa1-912c-e716155e2483
relation.isAuthorOfPublication04acca58-e081-4af2-9488-22daac1be743
relation.isAuthorOfPublication.latestForDiscoveryc86704c3-857e-4aa1-912c-e716155e2483
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