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As Innovations Drive Economic Growth, Do they also Raise Well-Being?

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  • Martin Binder

    ()

  • Ulrich Witt

    ()

Abstract

While there is little doubt that innovations drive economic growth, their effects on well-being are less clear. One reason for this are ambivalent effects of innovations on well-being that result from pecuniary and technological externalities of innovations, argued to be inevitably. Another major reason lies in the fact that, as a result of innovations, preferences can change over time. Under such conditions, a time-consistent measuring rod for changes in well-being is hard to construct. Existing conceptions of well-being are shown not yet to solve the problem in a way that provides an unambiguous answer to the question in the title.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2011-05.

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Date of creation: May 2011
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Handle: RePEc:esi:evopap:2011-05

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Keywords: innovations; growth; welfare; well-being; preference change Length 20 pages;

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Cited by:
  1. Martin Binder, 2013. "Subjective Well-being Capabilities: Bridging the Gap between the Capability Approach and Subjective Well-Being Research," Papers on Economics and Evolution 2013-02, Max Planck Institute of Economics, Evolutionary Economics Group.
  2. Martin Binder, 2013. "Innovativeness and Subjective Well-Being," Social Indicators Research, Springer, vol. 111(2), pages 561-578, April.
  3. SafarzyƄska, Karolina, 2013. "Evolutionary-economic policies for sustainable consumption," Ecological Economics, Elsevier, vol. 90(C), pages 187-195.

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