Towards a dynamic (Schumpeterian) welfare economics
AbstractFor an economy where knowledge plays an increasingly important role in shaping its dynamics, economics needs a dynamic (Schumpeterian) welfare theory. This paper sketches the role of knowledge in an economy and argues that a static Paretian welfare economics is inadequate, or at least needs to be supplemented. As suggested by the work of Schumpeter, a dynamic welfare economics acknowledges the role of knowledge. In a dynamic welfare economics, I suggest, different costs of communication are central, indicating that knowledge may not be readily diffused or exchanged. Recent developments in Intellectual Property Right (IPR) law are evaluated to determine the extent to which they affect communication costs and thus future economic welfare.
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Bibliographic InfoArticle provided by Elsevier in its journal Research Policy.
Volume (Year): 34 (2005)
Issue (Month): 1 (February)
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Web page: http://www.elsevier.com/locate/respol
Other versions of this item:
- Dolfsma, W.A., 2004. "Towards a Dynamic (Schumpeterian) Welfare Economics," ERIM Report Series Research in Management ERS-2004-026-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
- D6 - Microeconomics - - Welfare Economics
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
- M - Business Administration and Business Economics; Marketing; Accounting
- M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General
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