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New Course
Concept
Path Dependence
Path dependence
is the idea that
historical events
or decisions significantly shape the
trajectory of future developments
, making
certain outcomes
more likely due to the
influence of past choices
. It highlights how
initial conditions
and
early events
can
lock systems
into
specific paths
, often leading to inefficiencies or
suboptimal outcomes
that
persist over time
.
Relevant Fields:
Economic Theory and Concepts 50%
Probability and Statistics 30%
Economic Planning and Policy 20%
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