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| Title: | | Is novelty always a good thing? Towards an evolutionary welfare economics  |
| Authors: | | Schubert, Christian |
| Issue Date: | | 2009 |
| Series/Report no.: | | Papers on economics and evolution 0903 |
| Abstract: | | Schumpeter's and Hayek's view of market coordination as being not about efficiency, but about endogenous change and never-ending discovery has been increasingly recognized even by the mainstream of economics. Underlying this view is the notion of creative learning agents who bring about novelty. We argue that apart from the challenges it poses for positive theorizing, novelty (be it technological, institutional or commercial) also has a complex normative dimension that standard welfare economics is unsuited to deal with. We show that welfare economics has to be reconstructed on the basis of evolutionary-naturalistic insights into the way human agents bring about, value and respond to novelty-induced change. |
| Subjects: | | Novelty Endogenous Change Preference Formation Welfare Justice |
| JEL: | | D63 O12 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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