Path dependence and the quest for historical economics: One more chorus of the ballad of QWERTY
The term path dependence (PD) here refers to a dynamic property of allocative processes, pertaining to non-ergodic stochastic systems -- those whose asymptotic distributions evolve as a function of the history of the process itself. PD is shown to be neither necessary nor sufficient for the existenc...
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| Format: | Working paper |
| Language: | English |
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University of Oxford
1997
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