Innovations, Externalities and the Problem of Economic Progress

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Innovations, Externalities and the Problem of Economic Progress

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Witt, Ulrich

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Ulrich Witt

Abstract

In modern industrial societies, innovativeness is seen as a source of economic growth and welfare increases. Following this assessment, economic research presently focuses almost exclusively on the question of how to elicit innovations. Yet innovative economic activities have always also meant losses, sometimes even hardship, to some members of society, and incalculable risks. The present paper tries to develop a more balanced picture by acknowledging these less pleasant implications. Whether, and under what conditions, the permissive regime which modern societies have adopted towards innovations can be justified is discussed within the framework of a contractarian approach. Copyright 1996 by Kluwer Academic Publishers

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Article provided by Springer in its journal Public Choice.

Volume (Year): 89 (1996)
Issue (Month): 1-2 (October)
Pages: 113-30
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Handle: RePEc:kap:pubcho:v:89:y:1996:i:1-2:p:113-30

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Nicholas Dew & Saras Sarasvathy, 2007. "Innovations, Stakeholders & Entrepreneurship," Journal of Business Ethics, Springer, vol. 74(3), pages 267-283, September. [Downloadable!] (restricted)
Christian Schubert, 2006. "Fairness in Urban Land Use: An Evolutionary Contribution to Law & Economics," Papers on Economics and Evolution 2005-22, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
Ulrich Witt & Christian Schubert, 2008. "Constitutional interests in the face of innovations: how much do we need to know about risk preferences?," Constitutional Political Economy, Springer, vol. 19(3), pages 203-225, September. [Downloadable!] (restricted)
Other versions:
- U. Witt & C. Schubert, 2008. "Constitutional Interests in the Face of Innovations: How Much Do We Need to Know about Risk Preferences?," Papers on Economics and Evolution 2008-03, Max Planck Institute of Economics, Evolutionary Economics Group.
Lambert Koch & Marc Grünhagen, 2009. "The value of delays: market- and policy-induced adjustment processes as a motivating factor in dynamic entrepreneurship," Journal of Evolutionary Economics, Springer, vol. 19(5), pages 701-724, October. [Downloadable!] (restricted)
Christian Schubert, 2006. "A Note on the Principle of "Normative Individualism"," Papers on Economics and Evolution 2005-17, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
Christian Cordes, 2008. "A potential limit on competition," Journal of Bioeconomics, Springer, vol. 10(2), pages 127-144, August. [Downloadable!] (restricted)

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