On Mar 17, 2012, at 5:52 PM, Wojtek S wrote:
> [WS:] That is one possible interpretation, but the theory itself does
> not necessarily postulate this. Its main mechanism is transaction
> cost, so if transaction cost to benefit balance is radically altered,
> a radical change is not only possible but also likely.
Since transaction cost and benefit are psychological categories, subjective not objective, unknowable both ex ante and ex post, what path dependence seems to amount to is the common-sense truism that people are creatures of habit and will always seek first to take the path of least resistance. Common-sense truisms can only be ignored at one's great peril!
Shane Mage
This cosmos did none of gods or men make, but it
always was and is and shall be: an everlasting fire,
kindling in measures and going out in measures."
Herakleitos of Ephesos