Veblen and Simon, a nuanced reading on habits, decision-making, rationality

Read this! An excellent history of thought with careful elaboration. Brette, Olivier; Lazaric, Nathalie; da Silva, Victor Vieira. (2017) Habit, Decision-Making, and Rationality: Comparing Thorstein Veblen and Early Herbert Simon, Journal of Economic Issues Vol. 51 Issue 3, p567-587.

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Abstract Industrial welfare history presents important challenges to developmental state theories in “late” industrialization. This article expands the debate by examining how nation-states create statutory welfare by addressing institutional variety beyond markets. It is simplistic to argue linear growth of national welfare or of states autonomously regulating markets to achieve risk-mitigation. I contend that welfare institutions emerge from the state’s essential conflict and collaboration with various alternate institutions in cities and regions.

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TCLab's new postdoctoral scholar Jose Ribiero and Smita Srinivas are building a program on how technological learning is manifested in three countries. We know that economic growth and concerns of employment are both linked to technological learning, but we have some hunches about why economic theory doesn't take us far enough in appreciating why the links between industry and agriculture manifest in particular ways.