Institutions and economic behaviour under uncertainty

Abstract

This paper intents do link some contributions to our understanding of institutions with adiscussion of economic behaviour under uncertainty, elaborating the characterization ofsocial reality as subject to unpredictable structural changes. Adopting a broad definitionof institutions, including conventions, it discusses three basic ways in which institutionsinfluence economic behaviour: their restrictive function, their cognitive function and theirinfluence on ends. The paper then rejects a reductionist approach to the relation betweeninstitutions and individuals. In order to better understand the influence of institutions onbehaviour, and particularly on knowledge, the paper also distinguishes between differentlevels of consciousness and, as a result, different types of knowledge. Finally, the paperestablishes a connection between the preceding discussion and the analysis of thedeterminants of the state of expectation, considering Hodgson's proposal for aninstitutionalist approach to expectations.Este texto se propõe a estabelecer a relação entre algumas contribuições do nosso entendimento das instituições com uma discussão do comportamento econômico sob incerteza, caracterizando a realidade social como sujeita a mudanças estruturais imprevisíveis