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
Englisch

Erschienen in
Series: Papers on Economics and Evolution ; No. 0903

Klassifikation
Wirtschaft
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Microeconomic Analyses of Economic Development
Thema
Novelty
Endogenous Change
Preference Formation
Welfare
Justice

Ereignis
Geistige Schöpfung
(wer)
Schubert, Christian
Ereignis
Veröffentlichung
(wer)
Max Planck Institute of Economics
(wo)
Jena
(wann)
2009

Handle
Letzte Aktualisierung
20.09.2024, 08:21 MESZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Schubert, Christian
  • Max Planck Institute of Economics

Entstanden

  • 2009

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