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Title:Welfare creation and destruction in a Schumpeterian world PDF Logo
Authors:Schubert, Christian
Issue Date:2009
Series/Report no.:Papers on economics and evolution 0914
Abstract:Economic change, while creating 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. By examining Joseph Schumpeter's explicit and implicit reasoning on welfare and linking his thoughts to recent ideas, within normative economics, about 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.
Subjects:Welfare Economics
Endogenous Preferences
Joseph Schumpeter
Creative Destruction
JEL:D63
D03
B25
Document Type:Working Paper
Appears in Collections:Papers on Economics and Evolution, MPI für Ökonomik

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