Welfare Creation and Destruction in a Schumpeterian World
Economic change, while promoting innovation and growth, at the same time generates "gales of creative destruction". It is still largely unclear what this concept implies for the task of assessing welfare (and, correspondingly, the need for and scope of policy-making) in a novelty-generating, knowledge-based economy. Is novelty desirable per se? Is a rise of living standards due to innovation always worth the risks involved? Standard welfare economics is inherently incapable of answering these questions. By examining Joseph Schumpeter's explicit and implicit reasoning on welfare and linking his thoughts to recent ideas, within normative economics, on how to redefine "well-being" when preferences are variable and inconsistent, we argue that in an evolving economy, well-being should not be conceptualized in static preference-satisfaction terms, but rather in partly procedural terms of "effective preference learning".
|Date of creation:||Nov 2009|
|Contact details of provider:|| Postal: Deutschhausstrasse 10, 35032 Marburg|
Web page: http://www.uni-marburg.de/fb19/
More information through EDIRC
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.:
- Robert Sugden, 2004. "The Opportunity Criterion: Consumer Sovereignty Without the Assumption of Coherent Preferences," American Economic Review, American Economic Association, vol. 94(4), pages 1014-1033, September.
- 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.
- U. Witt & C. Schubert, 2008. "Constitutional Interests in the Face of Innovations: How Much Do We Need to Know about Risk Preferences?," Papers on Economics and Evolution 2008-03, Philipps University Marburg, Department of Geography.
- Joseph A. Schumpeter, 1949. "English Economists and the State-Managed Economy," Journal of Political Economy, University of Chicago Press, vol. 57, pages 371-371.
- N. De Liso & G. Filatrella, 1999. "On technology competition," Working Papers 337, Dipartimento Scienze Economiche, Universita' di Bologna.
- Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
- Bruno S. Frey & Alois Stutzer, "undated". "What can Economists Learn from Happiness Research?," IEW - Working Papers 080, Institute for Empirical Research in Economics - University of Zurich.
- Bruno S. Frey & Alois Stutzer, 2001. "What Can Economists Learn from Happiness Research?," CESifo Working Paper Series 503, CESifo Group Munich.
- Ulrich Witt, 2002. "How Evolutionary Is Schumpeter'S Theory Of Economic Development?," Industry and Innovation, Taylor & Francis Journals, vol. 9(1-2), pages 7-22.
- Ulrich Witt, "undated". "How Evolutionary is Schumpeter's Theory of Economic Development?," Papers on Economics and Evolution 2001-12, Philipps University Marburg, Department of Geography.
- Witt, Ulrich, 1996. "Innovations, Externalities and the Problem of Economic Progress," Public Choice, Springer, vol. 89(1-2), pages 113-130, October.
- Markus C. Becker & Thorbj¯rn Knudsen, 2002. "Schumpeter 1911: Farsighted Visions on Economic Development," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 387-403, 04.
- Ulrich Witt, 2003. "Economic policy making in evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 77-94, 04.
- Soete Luc & Weel Bas ter, 1999. "Schumpeter and the Knowledge-Based Economy: On Technology and Competition Policy," Research Memorandum 004, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
- Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(02), pages 149-159, November.
- Jan Fagerberg, 2003. "Schumpeter and the revival of evolutionary economics: an appraisal of the literature," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 125-159, 04.
- Jan Fagerberg, 2003. "Schumpeter and the revival of evolutionary economics: an appraisal of the literature," Working Papers Archives 2003001, Centre for Technology, Innovation and Culture, University of Oslo.
- Mauro Boianovsky & Hans-Michael Trautwein, 2010. "Schumpeter on unemployment," Journal of Evolutionary Economics, Springer, vol. 20(2), pages 233-263, April.
- Mauro Boianovsky & Hans-Michael Trautwein, 2008. "Schumpeter on unemployment," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807181726240, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Richard Layard, 2006. "Happiness and Public Policy: a Challenge to the Profession," Economic Journal, Royal Economic Society, vol. 116(510), pages 24-33, 03.
- Richard Layard, 2006. "Happiness and public policy: a challenge to the profession," LSE Research Online Documents on Economics 47483, London School of Economics and Political Science, LSE Library.
- Horst Hanusch & Andreas Pyka, 2007. "Principles of Neo-Schumpeterian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 31(2), pages 275-289, March.
- Horst Hanusch & Andreas Pyka, 2005. "Principles of Neo-Schumpeterian Economics," Discussion Paper Series 278, Universitaet Augsburg, Institute for Economics.
- Peter E. Earl & Jason Potts, 2004. "The market for preferences," Cambridge Journal of Economics, Oxford University Press, vol. 28(4), pages 619-633, July.
- Shionoya,Yuichi, 1997. "Schumpeter and the Idea of Social Science," Cambridge Books, Cambridge University Press, number 9780521430340, February.
- Fabrizio Zilibotti, 2007. "ï¿½Economic Possibilities for Our Grandchildrenï¿½ 75 Years after: A Global Perspective," IEW - Working Papers 344, Institute for Empirical Research in Economics - University of Zurich.
- John E. Elliott, 1980. "Marx and Schumpeter on Capitalism's Creative Destruction: A Comparative Restatement," The Quarterly Journal of Economics, Oxford University Press, vol. 95(1), pages 45-68.
- Marc Fleurbaey & Maurice Salles & John Weymark, 2008. "Justice, Political Liberalism and Utilitarianism," Post-Print hal-00246415, HAL.
- Ursula Backhaus, 2002. "Seventh Chapter Of The Theory Of Economic Development," Industry and Innovation, Taylor & Francis Journals, vol. 9(1-2), pages 93-145. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:esi:evopap:2009-14. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christoph Mengs)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.