Definition of Path dependency:
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.
Tendency of a past or traditional practice or preference to continue even if better alternatives are available.
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?
- Path dependency is a phenomenon whereby history matters; what has occurred in the past persists because of resistance to change.
- Industries follow path dependency when initial concepts or standards are adopted and maintained even if there is a better alternative.
- 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