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dc.contributor.authorSchubert, Christianen_US
dc.description.abstractEconomic 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.en_US
dc.publisherMax-Planck-Inst. für Ökonomik Jenaen_US
dc.relation.ispartofseriesPapers on economics and evolution 0914en_US
dc.subject.keywordWelfare Economicsen_US
dc.subject.keywordEndogenous Preferencesen_US
dc.subject.keywordJoseph Schumpeteren_US
dc.subject.keywordCreative Destructionen_US
dc.titleWelfare creation and destruction in a Schumpeterian worlden_US
dc.typeWorking Paperen_US
Appears in Collections:Papers on Economics and Evolution, Max-Planck-Institut für Ökonomik

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