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What is Wrong with the West’s Economies? An Alternative View

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  • John Hudson

    (University of Bath)

Abstract

The paper examines several aspects of developed countries with a particular focus on Europe. It argues that despite problems and qualifications, Europe is still in many respects a desirable part of the world in which to live, where people can fulfill their aspirations with a degree of safety. Having said that, Europe faces many problems. Any solution to Europe’s problems must encompass innovation. In this respect Europe’s record is better than many argue, but still there is a need to do better and to place innovation at the very core of policy making. High quality research institutions are valuable here, but too often their work is taken up by non-European multinationals. This is a time of enormous change and issues such as quantitative easing and robotics are also briefly touched upon, in particular their economic and societal impact.

Suggested Citation

  • John Hudson, 2016. "What is Wrong with the West’s Economies? An Alternative View," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(1), pages 19-24, August.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:1:d:10.1007_s41412-016-0012-5
    DOI: 10.1007/s41412-016-0012-5
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    References listed on IDEAS

    as
    1. Frey, Bruno S & Stutzer, Alois, 2000. "Happiness, Economy and Institutions," Economic Journal, Royal Economic Society, vol. 110(466), pages 918-938, October.
    2. Hanan Khazragui & John Hudson, 2015. "Measuring the benefits of university research: impact and the REF in the UK," Research Evaluation, Oxford University Press, vol. 24(1), pages 51-62.
    3. Seth G. Benzell & Laurence J. Kotlikoff & Guillermo LaGarda & Jeffrey D. Sachs, 2015. "Robots Are Us: Some Economics of Human Replacement," NBER Working Papers 20941, National Bureau of Economic Research, Inc.
    4. Gregory Clark, 2015. "The Son Also Rises: Surnames and the History of Social Mobility," Economics Books, Princeton University Press, edition 1, volume 1, number 10181-2.
    5. Seth G. Benzell & Laurence J. Kotlikoff & Guillermo LaGarda & Jeffrey D. Sachs, 2015. "Robots Are Us: Some Economics of Human Replacement," NBER Working Papers 20941, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Innovation; Wellbeing; Europe; Research institutions; Fall of nations; Inequality;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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