Towards a dynamic (Schumpeterian) welfare economics
For 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.
(This abstract was borrowed from another version of this item.)
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kai-Lung Hui, 2002.
"On the Supply of Creative Work: Evidence from the Movies,"
American Economic Review,
American Economic Association, vol. 92(2), pages 217-220, May.
- Kai-Lung Hui & Ivan P.L. Png, 2002. "On the Supply of Creative Work: Evidence from the Movies," Law and Economics 0201002, EconWPA, revised 18 Jan 2002.
- Denzau, Arthur T & North, Douglass C, 1994.
"Shared Mental Models: Ideologies and Institutions,"
Wiley Blackwell, vol. 47(1), pages 3-31.
- Dudley, L., 1996.
"Communication and Economic Growth,"
Cahiers de recherche
9620, Universite de Montreal, Departement de sciences economiques.
- Adams, William James & Encaoua, David, 1994.
"Distorting the direction of technological change,"
European Economic Review,
Elsevier, vol. 38(3-4), pages 663-673, April.
- SHAVELL, Steven & VAN YPERSELE, Tanguy, .
"Rewards versus intellectual property rights,"
CORE Discussion Papers RP
-1597, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Nelson, Richard R., 2004.
"The market economy, and the scientific commons,"
Elsevier, vol. 33(3), pages 455-471, April.
- Paul M. Romer, 1993.
"New Goods, Old Theory, and the Welfare Costs of Trade Restrictions,"
NBER Working Papers
4452, National Bureau of Economic Research, Inc.
- Romer, Paul, 1994. "New goods, old theory, and the welfare costs of trade restrictions," Journal of Development Economics, Elsevier, vol. 43(1), pages 5-38, February.
- Robin Cowan & Paul A. David & Dominique Foray, 1999.
"The Explicit Economics of Knowledge Codification and Tacitness,"
99027, Stanford University, Department of Economics.
- Cowan, Robin & David, Paul A & Foray, Dominique, 2000. "The Explicit Economics of Knowledge Codification and Tacitness," Industrial and Corporate Change, Oxford University Press, vol. 9(2), pages 211-53, June.
- Cowan Robin & David Paul & Foray Dominique, 1999. "The Explicit Economics of Knowledge Codification and Tacitness," Research Memorandum 025, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
- Milgrom, Paul & Roberts, John, 1988. " Communication and Inventory as Substitutes in Organizing Production," Scandinavian Journal of Economics, Wiley Blackwell, vol. 90(3), pages 275-89.
- Rosenberg, Nathan, 1990. "Why do firms do basic research (with their own money)?," Research Policy, Elsevier, vol. 19(2), pages 165-174, April.
- Paul Romer, 2002. "When Should We Use Intellectual Property Rights?," American Economic Review, American Economic Association, vol. 92(2), pages 213-216, May.
- Michele Boldrin & David K Levine, 2002.
"The Case Against Intellectual Property,"
Levine's Working Paper Archive
618897000000000003, David K. Levine.
- Romer, Paul M, 1986.
"Increasing Returns and Long-run Growth,"
Journal of Political Economy,
University of Chicago Press, vol. 94(5), pages 1002-37, October.
- Wilfred Dolfsma, 2001. "Metaphors of Knowledge in Economics," Review of Social Economy, Taylor & Francis Journals, vol. 59(1), pages 71-91.
- Mark Blaug, 2001. "Is Competition Such a Good Thing? Static Efficiency versus Dynamic Efficiency," Review of Industrial Organization, Springer, vol. 19(1), pages 37-48, August.
- David Encaoua & Abraham Hollander, 2002.
"Competition Policy and Innovation,"
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
- Landes, William M & Posner, Richard A, 1989. "An Economic Analysis of Copyright Law," The Journal of Legal Studies, University of Chicago Press, vol. 18(2), pages 325-63, June.
- Dosi, Giovanni, 1982.
"Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change,"
Elsevier, vol. 11(3), pages 147-162, June.
- Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 22(2), pages 102-103, April.
- Richard R. Nelson, 1981. "Assessing Private Enterprise: An Exegesis of Tangled Doctrine," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 93-111, Spring.
- Arundel, Anthony, 2001. "The relative effectiveness of patents and secrecy for appropriation," Research Policy, Elsevier, vol. 30(4), pages 611-624, April.
- Audretsch, David B, 1998.
"Agglomeration and the Location of Innovative Activity,"
Oxford Review of Economic Policy,
Oxford University Press, vol. 14(2), pages 18-29, Summer.
- Audretsch, David B, 1998. "Agglomeration and the Location of Innovative Activity," CEPR Discussion Papers 1974, C.E.P.R. Discussion Papers.
- Takeyama, Lisa N, 1994. "The Welfare Implications of Unauthorized Reproduction of Intellectual Property in the Presence of Demand Network Externalities," Journal of Industrial Economics, Wiley Blackwell, vol. 42(2), pages 155-66, June.
- Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
- Richard C. Levin & Alvin K. Klevorick & Richard R. Nelson & Sidney G. Winter, 1987. "Appropriating the Returns from Industrial Research and Development," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(3), pages 783-832.
- Klaes, Matthias, 1997. "Sociotechnical constituencies, game theory, and the diffusion of compact discs. An inter-disciplinary investigation into the market for recorded music," Research Policy, Elsevier, vol. 25(8), pages 1221-1234, January.
- Richard R. Nelson, 1959. "The Simple Economics of Basic Scientific Research," Journal of Political Economy, University of Chicago Press, vol. 67, pages 297.
- Emily Dunt & Joshua S. Gans & Stephen P. King, 2002. "The Economic Consequences of DVD Regional Restrictions," Economic Papers, The Economic Society of Australia, vol. 21(1), pages 32-45, 03.
- Levinthal, Daniel A, 1998. "The Slow Pace of Rapid Technological Change: Gradualism and Punctuation in Technological Change," Industrial and Corporate Change, Oxford University Press, vol. 7(2), pages 217-47, June.
- Takalo, Tuomas & Kanniainen, Vesa, 2000. "Do patents slow down technological progress?: Real options in research, patenting, and market introduction," International Journal of Industrial Organization, Elsevier, vol. 18(7), pages 1105-1127, October.
When requesting a correction, please mention this item's handle: RePEc:eee:respol:v:34:y:2005:i:1:p:69-82. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.