Path dependence

Path dependence is when the decisions presented to people are dependent on previous decisions or experiences made in the past. Path dependence exists when a feature of the economy (institution, technical standard, pattern of economic development etc.) is not based on current conditions, but rather has been formed by a sequence of past actions each leading to a distinct outcome. In economics and the social sciences, path dependence refers to either the outcomes at a single point in time, or to long-run equilibria of a process. In common usage, the phrase implies either:

Path dependence

Path dependence is when the decisions presented to people are dependent on previous decisions or experiences made in the past. Path dependence exists when a feature of the economy (institution, technical standard, pattern of economic development etc.) is not based on current conditions, but rather has been formed by a sequence of past actions each leading to a distinct outcome. In economics and the social sciences, path dependence refers to either the outcomes at a single point in time, or to long-run equilibria of a process. In common usage, the phrase implies either: