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Innovations, Externalities and the Problem of Economic Progress

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  • Witt, Ulrich

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

Suggested Citation

  • Witt, Ulrich, 1996. "Innovations, Externalities and the Problem of Economic Progress," Public Choice, Springer, vol. 89(1-2), pages 113-130, October.
  • Handle: RePEc:kap:pubcho:v:89:y:1996:i:1-2:p:113-30
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    Cited by:

    1. 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.
    2. Christian Schubert, 2009. "Welfare Creation and Destruction in a Schumpeterian World," Papers on Economics and Evolution 2009-14, Philipps University Marburg, Department of Geography.
    3. Nicholas Dew & Saras Sarasvathy, 2007. "Innovations, Stakeholders & Entrepreneurship," Journal of Business Ethics, Springer, vol. 74(3), pages 267-283, September.
    4. Jan Schnellenbach, 2015. "Does classical liberalism imply an evolutionary approach to policy-making?," Journal of Bioeconomics, Springer, vol. 17(1), pages 53-70, April.
    5. Christian Cordes, 2008. "A potential limit on competition," Journal of Bioeconomics, Springer, vol. 10(2), pages 127-144, August.
    6. repec:eee:enepol:v:114:y:2018:i:c:p:465-481 is not listed on IDEAS
    7. Komlos John, 2016. "Has Creative Destruction become more Destructive?," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 16(4), pages 1-12, October.
    8. Félix-Fernando Muñoz & María-Isabel Encinar, 2014. "Intentionality and the emergence of complexity: an analytical approach," Journal of Evolutionary Economics, Springer, vol. 24(2), pages 317-334, April.
    9. Vanberg Viktor J., 2014. "Evolving Preferences and Welfare Economics: The Perspective of Constitutional Political Economy," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(2-3), pages 328-349, April.
    10. 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.
    11. Viktor J. Vanberg, 2009. "Evolving Preferences and Policy Advice in Democratic Society," Papers on Economics and Evolution 2009-19, Philipps University Marburg, Department of Geography.
    12. Martin Binder, 2013. "Innovativeness and Subjective Well-Being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 111(2), pages 561-578, April.
    13. Nill, Jan & Kemp, Ren, 2009. "Evolutionary approaches for sustainable innovation policies: From niche to paradigm?," Research Policy, Elsevier, vol. 38(4), pages 668-680, May.
    14. Buenstorf, Guido, 2000. "Self-organization and sustainability: energetics of evolution and implications for ecological economics," Ecological Economics, Elsevier, vol. 33(1), pages 119-134, April.
    15. John Stanley Metcalfe & Ronnie Ramlogan, 2007. "Competition and the Regulation of Economic Development," Chapters,in: Competitive Advantage and Competition Policy in Developing Countries, chapter 2 Edward Elgar Publishing.
    16. Dilaver, Özge, 2014. "Involuntary technology adoptions: How consumer interdependencies lead to societal change," Structural Change and Economic Dynamics, Elsevier, vol. 31(C), pages 138-148.
    17. Christian Schubert, 2014. "“Generalized Darwinism” and the quest for an evolutionary theory of policy-making," Journal of Evolutionary Economics, Springer, vol. 24(3), pages 479-513, July.
    18. Daniel Andrei & Bruce I. Carlin, 2017. "Asset Pricing in the Quest for the New El Dorado," NBER Working Papers 23455, National Bureau of Economic Research, Inc.
    19. Christian Schubert, 2006. "Fairness in Urban Land Use: An Evolutionary Contribution to Law & Economics," Papers on Economics and Evolution 2005-22, Philipps University Marburg, Department of Geography.
    20. Tim Cochrane & James Maclaurin, 2012. "Evolvability and progress in evolutionary economics," Journal of Bioeconomics, Springer, vol. 14(2), pages 101-114, July.
    21. Christian Schubert, 2006. "A Note on the Principle of "Normative Individualism"," Papers on Economics and Evolution 2005-17, Philipps University Marburg, Department of Geography.

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