Is Novelty always a good thing? Towards an Evolutionary Welfare Economics
AbstractSchumpeterâ€™s and Hayekâ€™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.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2009-03.
Date of creation: May 2009
Date of revision:
Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-06-10 (All new papers)
- NEP-CBE-2009-06-10 (Cognitive & Behavioural Economics)
- NEP-EVO-2009-06-10 (Evolutionary Economics)
- NEP-HPE-2009-06-10 (History & Philosophy of Economics)
- NEP-PKE-2009-06-10 (Post Keynesian Economics)
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