Path dependency

Path dependency,

Definition of Path dependency:

  1. Path dependency explains the continued use of a product or practice based on historical preference or use. A company may persist in the use of a product or practice even if newer, more efficient alternatives are available. Path dependency occurs because it is often easier or more cost-effective to continue along an already set path than to create an entirely new one.

  2. Tendency of a past or traditional practice or preference to continue even if better alternatives are available.

  3. Scholars describe path dependence in the context of the historical-institutionalist approach to political science. The theory behind the approach is that institutions change less than might be expected and constrain advancement. The reason for the lack of change is that policymakers make assumptions, make cautious decisions, and fail to learn from experience.

How to use Path dependency in a sentence?

  1. Path dependency is a phenomenon whereby history matters; what has occurred in the past persists because of resistance to change.
  2. Industries follow path dependency when initial concepts or standards are adopted and maintained even if there is a better alternative.
  3. The resistance to change could be based on the financial implications or because policymakers are making cautious or uninformed decisions.

Meaning of Path dependency & Path dependency Definition

Path Dependency,

What is Path Dependency?

  1. Path Dependency means: Root dependence defines the sustainable use of a product or practice based on a priority or historical use. Companies can still use this product or practice, although there are innovative and effective alternatives. It depends on the route because it is usually easier or more profitable to continue the route than to create a completely new one.

    • Street addiction is an important story. What happened in the past is due to the refusal to change.
    • Change can be countered by financial incentives or by policy makers who make cautious or poorly informed decisions.
    • When there are better alternatives, the industry moves on the path of dependence when the original concepts or standards are adopted and maintained.

Literal Meanings of Path Dependency

Path:

Meanings of Path:
  1. A trail or path that is defined for walking or is built on a permanent step.

Sentences of Path
  1. The trail runs for half a mile along the river

Synonyms of Path

promenade, avenue, lane, byway, pathway, track, trackway, jogging track, walk, trail, passage, footpath, alleyway, riding, walkway, right of way, ride, causeway, sidetrack, esplanade, berm, alley, towpath, passageway

Dependency:

Meanings of Dependency:
  1. Dependent or subordinate matters, especially countries or provinces that are under the control of others.

Sentences of Dependency
  1. The islands became dependent on Norway and Denmark

  2. Depending on the state of the oil industry

Synonyms of Dependency

colony, satellite state, satellite, dominion, reliance, outpost, protectorate, dependence, province