2025/11 | LEM Working Paper Series | ||||||||||||||||
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Behaviours and Learning in Complex Evolving Economies |
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Lorenzo Corno, Giovanni Dosi and Luigi Marengo |
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Keywords | |||||||||||||||||
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Complex Evolving Economies, Firm Behaviour, Human Cognition and Agency, Heuristics, Microfoundations
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Abstract | |||||||||||||||||
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This paper provides an overview of behaviors and learning of
heterogeneous economic agents -whether individuals or firms- within
complex evolving economies. It aims to explore the microfoundation of
agency and learning, two fundamental aspects that constitutively
contribute to the emergence of micro, meso, and macro stylized facts
of modern capitalist economies, conceived as complex evolving
systems. The investigation begins at the individual level, drawing on
insights from cognitive and social sciences and identifying relevant
micro-evidence concerning the cognitive, psychological, behavioral,
and social dimensions of human agency in complex and uncertain
environments. It then shifts to the epistemological level
organization, where individual behaviors and learning are interwoven
with those of other members and embedded within the genuinely
collective dimensions and emergent properties of the firm -such as
organizational capabilities, heuristics, and power configurations- on
which the analysis will focus. This perspective interprets the firm as
a sort of primitive problem-solving entity and acknowledges that
organizational behaviors and learning are "more" than what can be
grasped by attending solely to insulated parts. The primary objective
of this work is to contribute to a positive theory of behaviors and
learning in complex evolving economies, while also offering a fertile
ground for theoretical and modeling developments in search of
realistic building blocks.
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