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Which Economics? Which Economies?

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  • Heinz D. Kurz

    (University of Graz)

Abstract

It is argued that the problems affecting our societies at present are not so much the result of a mysterious disappearance of inventiveness and imagination, as Phelps deplores. It is rather the dramatic change of the socio-economic order propelled by the neoliberal ideology that captured the minds of many people and politicians. This led to a de-regulation of financial markets and a policy of austerity, which triggered the “Great Recession” and stifled innovation. There is also the problem of a mismatch between our measurement devices and what is to be measured in a world of bits and bytes. With the firm establishment and growth of R&D&I in all Western economies the talk about a declining innovativeness ought to be received with suspicion. New materials and rare earths, biotechnology, further advances in ICT and what is called the fourth industrial revolution based on cyber-physical systems can be expected to have an important impact on economic performance.

Suggested Citation

  • Heinz D. Kurz, 2016. "Which Economics? Which Economies?," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(4), pages 297-310, December.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:4:d:10.1007_s41412-016-0030-3
    DOI: 10.1007/s41412-016-0030-3
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    References listed on IDEAS

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    1. Duncan K. Foley & Adalmir A. Marquetti, 1999. "Productivity, Employment and Growth in European Integration," Metroeconomica, Wiley Blackwell, vol. 50(3), pages 277-300, October.
    2. Martin L. Weitzman, 1998. "Recombinant Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 331-360.
    3. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    4. Paul M. Romer, 2015. "Mathiness in the Theory of Economic Growth," American Economic Review, American Economic Association, vol. 105(5), pages 89-93, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Adam Smith; Classical economics; Financial crisis; Innovation; Joseph A. Schumpeter; Technical progress;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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