Arbeitspapier
Is novelty always a good thing? Towards an evolutionary welfare economics
Schumpeter's and Hayek's view of market coordination as being not about efficiency, but about endogenous change and never-ending discovery has been increasingly recognized even by the mainstream of economics. Underlying this view is the notion of creative learning agents who bring about novelty. We argue that apart from the challenges it poses for positive theorizing, novelty (be it technological, institutional or commercial) also has a complex normative dimension that standard welfare economics is unsuited to deal with. We show that welfare economics has to be reconstructed on the basis of evolutionary-naturalistic insights into the way human agents bring about, value and respond to novelty-induced change.
- Sprache
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Englisch
- Erschienen in
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Series: Papers on Economics and Evolution ; No. 0903
- Klassifikation
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Wirtschaft
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Microeconomic Analyses of Economic Development
- Thema
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Novelty
Endogenous Change
Preference Formation
Welfare
Justice
- Ereignis
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Geistige Schöpfung
- (wer)
-
Schubert, Christian
- Ereignis
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Veröffentlichung
- (wer)
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Max Planck Institute of Economics
- (wo)
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Jena
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Schubert, Christian
- Max Planck Institute of Economics
Entstanden
- 2009