Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/32662
Authors: 
Schubert, Christian
Year of Publication: 
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

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