{"id":2362,"date":"2023-08-09T10:12:55","date_gmt":"2023-08-09T17:12:55","guid":{"rendered":"https:\/\/thomaspalley.com\/?p=2362"},"modified":"2023-08-09T10:12:55","modified_gmt":"2023-08-09T17:12:55","slug":"broadening-the-application-of-hysteresis-in-economics-institutions-policy-lock-in-psychology-identity-and-ideas","status":"publish","type":"post","link":"https:\/\/thomaspalley.com\/?p=2362","title":{"rendered":"Broadening the application of hysteresis in economics: institutions, policy lock-in, psychology, identity, and ideas"},"content":{"rendered":"\n<p>This paper argues for broadening the application of hysteresis to institutions, policy lock-in, psychology, identity, and economic ideas. Hysteresis is an element of historical processes, and the real world is historical. That explains why hysteresis is pervasive and important. Hysteresis should be a fundamental building block of political economy. Expanding its application in economics is both an opportunity and a challenge. The opportunity is that it provides a means for incorporating political, sociological, and psychological forces which economics tends to neglect. That will enrich economics and can also provide a mutually enriching bridge to other social sciences. The challenge is introducing such concerns raises questions about the character of economics\u2019 knowledge claims, which is likely to trigger resistance from economists.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.boeckler.de\/de\/faust-detail.htm?sync_id=HBS-008675\">READ THE PAPER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paper argues for broadening the application of hysteresis to institutions, policy lock-in, psychology, identity, and economic ideas. Hysteresis is an element of historical processes, and the real world is historical. That explains why hysteresis is pervasive and important. Hysteresis should be a fundamental building block of political economy. Expanding its application in economics is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,7,1],"tags":[],"class_list":["post-2362","post","type-post","status-publish","format-standard","hentry","category-economics","category-political-economy","category-1"],"_links":{"self":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts\/2362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2362"}],"version-history":[{"count":1,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts\/2362\/revisions"}],"predecessor-version":[{"id":2363,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts\/2362\/revisions\/2363"}],"wp:attachment":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}