Category Archives: Lexicon

The essence of smart specialization: local economies as computational platforms (review essay)

The physical matter we are dealing with today is exactly the same that was available to our hominid Palaeolithic ancestors. What makes the difference between now and then is the way in which matter is arranged, and thus its information content. Starting from this simple but far from obvious remark, César Hidalgo’s Why Information Grows offers a fresh approach to the understanding of the functioning of economic systems which is at the same time pragmatic, conceptually elegant and innovative. Continue reading The essence of smart specialization: local economies as computational platforms (review essay)

Understanding culture-led local development: A critique of alternative theoretical explanations

In this paper we carry out a meta-analytic review of the literature on culture-led local development models.We identify and discuss three typical fallacies characterising mono-causal culture-led development schemes: instrumentalism, over-engineering, and parochialism. Continue reading Understanding culture-led local development: A critique of alternative theoretical explanations

Subjective metaphysics and learning from experience: The causal psychology of rational choice

The evaluation of a decision maker’s degree of rationality has to do with the way in which (s)he collects and processes ‘relevant’ information. However, while the efficiency of information processing procedures is a relatively unambiguous notion, the same cannot be said of the judgements of relevance as to the information to be processed. In this paper we argue that individual decision-making processes are necessarily based on a set of meta-empirical assumptions that we call subjective metaphysics. Continue reading Subjective metaphysics and learning from experience: The causal psychology of rational choice