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Learning, Institutions, and Economic Performance

Author

Listed:
  • Chrysostomos Mantzavinos

    (Faculty of Economics and Business, Witten/Herdecke University)

  • Douglas C. North

    (Washington University, St. Louis)

  • Syed Shariq

    (Institute for International Studies, Stanford University)

Abstract
In this article, we provide a broad overview of the interplay among cognition, belief systems, and institutions, and how they affect economic performance. We argue that a deeper understanding of institutions’ emergence, their working properties, and their effect on economic and political outcomes should begin from an analysis of cognitive processes. We explore the nature of individual and collective learning, stressing that the issue is not whether agents are perfectly or boundedly rational, but rather how human beings actually reason and choose, individually and in collective settings. We then tie the processes of learning to institutional analysis, providing arguments in favor of what can be characterized as “cognitive institutionalism.” Besides, we show that a full treatment of the phenomenon of path dependence should start at the cognitive level, proceed at the institutional level, and culminate at the economic level.

Suggested Citation

  • Chrysostomos Mantzavinos & Douglas C. North & Syed Shariq, 2003. "Learning, Institutions, and Economic Performance," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2003_13, Max Planck Institute for Research on Collective Goods.
    • Handle: RePEc:mpg:wpaper:2003_13
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    File URL: http://www.coll.mpg.de/pdf_dat/2003_13online.pdf
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    References listed on IDEAS

    as
    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
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    4. Riker, William H., 1980. "Implications from the Disequilibrium of Majority Rule for the Study of Institutions," American Political Science Review, Cambridge University Press, vol. 74(2), pages 432-446, June.
    5. Pierson, Paul, 2000. "Increasing Returns, Path Dependence, and the Study of Politics," American Political Science Review, Cambridge University Press, vol. 94(2), pages 251-267, June.
    6. Rosenberg,Nathan, 1994. "Exploring the Black Box," Cambridge Books, Cambridge University Press, number 9780521459556.
    7. Nee, Victor, 1998. "Norms and Networks in Economic and Organizational Performance," American Economic Review, American Economic Association, vol. 88(2), pages 85-89, May.
    8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. Pelagidis, Theodore & Mitsopoulos, Michael, 2019. "In Defense of Making Things: Why Manufacturing Still Matters," MPRA Paper 107019, University Library of Munich, Germany.
    2. Layug, Allan S., 2009. "Triangulation Framework for Local Service Delivery," Discussion Papers DP 2009-37, Philippine Institute for Development Studies.
    3. Santiago Alonso, 2012. "Economía material: cuerpo y cerebro," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 14(26), pages 77-93, January-J.
    4. Beckmann, Markus, 2009. "Diagnosen der Moderne: North, Luhmann und mögliche Folgerungen für das Rational-Choice-Forschungsprogramm," Discussion Papers 2009-8, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    5. Michael Mitsopoulos & Theodore Pelagidis, 2017. "A model of constitutional design and corruption," European Journal of Law and Economics, Springer, vol. 44(1), pages 67-90, August.

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